Plug Power (NASDAQ:PLUG) Trading Down 5% – Should You Sell?

Shares of Plug Power, Inc. (NASDAQ:PLUG) traded down 5% during trading on Tuesday . The stock traded as low as $1.34 and last traded at $1.42. 51,043,913 shares traded hands during trading, a decline of 26% from the average session volume of 69,403,917 shares. The stock had previously closed at $1.49.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PLUG. Jefferies Financial Group cut their price objective on shares of Plug Power from $1.70 to $0.90 and set a “hold” rating on the stock in a research report on Tuesday, May 20th. Truist Financial decreased their price target on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Piper Sandler decreased their price target on shares of Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a research note on Wednesday, May 14th. B. Riley decreased their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Canaccord Genuity Group cut their target price on shares of Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a research note on Tuesday, May 13th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $1.83.

Plug Power Trading Down 4.4%

The firm’s 50 day moving average is $0.96 and its 200 day moving average is $1.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. The company has a market cap of $1.63 billion, a PE ratio of -0.58 and a beta of 2.17.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. The business had revenue of $133.67 million for the quarter, compared to analysts’ expectations of $130.92 million. On average, equities analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul B. Middleton purchased 650,000 shares of the company’s stock in a transaction on Monday, June 9th. The stock was purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider directly owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.41% of the stock is owned by insiders.

Institutional Trading of Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. Vanguard Group Inc. lifted its holdings in shares of Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker’s stock worth $123,348,000 after acquiring an additional 3,930,342 shares during the last quarter. Norges Bank purchased a new position in Plug Power in the 4th quarter worth $146,465,000. Heights Capital Management Inc. bought a new stake in Plug Power in the first quarter worth $31,174,000. Geode Capital Management LLC boosted its position in Plug Power by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after buying an additional 722,639 shares during the period. Finally, Legal & General Group Plc boosted its position in Plug Power by 8.5% during the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock valued at $21,602,000 after buying an additional 796,774 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.