Plug Power (NASDAQ:PLUG) Stock Price Down 1.5% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 1.5% during trading on Thursday . The company traded as low as $1.95 and last traded at $1.98. Approximately 12,814,693 shares were traded during trading, a decline of 67% from the average daily volume of 39,277,398 shares. The stock had previously closed at $2.01.

Wall Street Analysts Forecast Growth

PLUG has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Truist Financial lowered their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Piper Sandler decreased their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Wells Fargo & Company dropped their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Canaccord Genuity Group decreased their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus target price of $5.01.

Plug Power Trading Down 0.5 %

The firm has a 50-day moving average price of $2.04 and a 200-day moving average price of $2.44. The stock has a market cap of $1.76 billion, a PE ratio of -0.84 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The firm had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. During the same period last year, the business earned ($0.35) EPS. Plug Power’s revenue was down 44.9% on a year-over-year basis. As a group, equities analysts anticipate that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Institutional Trading of Plug Power

Several hedge funds have recently made changes to their positions in PLUG. SteelPeak Wealth LLC bought a new stake in shares of Plug Power in the 2nd quarter valued at approximately $26,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power during the second quarter worth approximately $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power in the second quarter valued at about $28,000. Madison Park Capital Advisors LLC purchased a new stake in Plug Power in the second quarter worth about $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power during the 2nd quarter valued at about $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.