Plug Power (NASDAQ:PLUG) Stock Price Down 9.5% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 9.5% during mid-day trading on Thursday . The stock traded as low as $2.56 and last traded at $2.67. Approximately 68,127,402 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 95,630,695 shares. The stock had previously closed at $2.95.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PLUG. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Evercore ISI dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler reduced their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Jefferies Financial Group cut their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group lowered their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Plug Power has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -1.34 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a fifty day simple moving average of $2.28 and a two-hundred day simple moving average of $2.24.

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

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV lifted its position in shares of Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after acquiring an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors boosted its holdings in shares of Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after purchasing an additional 5,075 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after acquiring an additional 5,485 shares in the last quarter. Catalyst Capital Advisors LLC increased its holdings in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the period. Finally, Millburn Ridgefield Corp lifted its position in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Company Profile

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.