Plug Power (NASDAQ:PLUG) Shares Down 0.4% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) traded down 0.4% during mid-day trading on Wednesday . The stock traded as low as $2.31 and last traded at $2.42. 31,547,672 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 43,509,098 shares. The stock had previously closed at $2.43.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Piper Sandler cut their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company reduced their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Finally, Craig Hallum dropped their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

The company has a market capitalization of $2.21 billion, a PE ratio of -1.13 and a beta of 1.76. The stock has a 50-day simple moving average of $2.19 and a 200 day simple moving average of $2.25. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the prior year, the firm earned ($0.47) earnings per share. Plug Power’s quarterly revenue was down 12.6% on a year-over-year basis. Equities analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after buying an additional 1,036,777 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Plug Power by 37.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 798,396 shares of the electronics maker’s stock valued at $1,860,000 after purchasing an additional 219,570 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in shares of Plug Power by 57.8% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 341,906 shares of the electronics maker’s stock worth $797,000 after purchasing an additional 125,260 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power during the second quarter worth about $26,000. Finally, Principal Financial Group Inc. raised its position in shares of Plug Power by 45.1% in the second quarter. Principal Financial Group Inc. now owns 63,780 shares of the electronics maker’s stock valued at $149,000 after buying an additional 19,824 shares during the last quarter. 43.48% of the stock is 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.