Plug Power (NASDAQ:PLUG) Shares Down 0.3% - Time to Sell?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) was down 0.3% during mid-day trading on Thursday . The company traded as low as $1.63 and last traded at $1.66. Approximately 21,053,830 shares were traded during trading, a decline of 69% from the average daily volume of 67,635,227 shares. The stock had previously closed at $1.66.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PLUG. HC Wainwright dropped their price target on shares of Plug Power from $5.00 to $3.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley dropped their target price on Plug Power from $1.75 to $1.60 and set an "underweight" rating on the stock in a report on Thursday, March 6th. BTIG Research downgraded Plug Power from a "buy" rating to a "neutral" rating in a report on Thursday, November 14th. Truist Financial dropped their price objective on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Finally, Seaport Res Ptn lowered shares of Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $2.34.

Plug Power Price Performance

The firm's 50 day simple moving average is $2.02 and its two-hundred day simple moving average is $2.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a market capitalization of $1.51 billion, a P/E ratio of -0.76 and a beta of 1.98.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in PLUG. Charles Schwab Investment Management Inc. lifted its position in shares of Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker's stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the period. XTX Topco Ltd bought a new position in Plug Power in the third quarter worth about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Plug Power by 24.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker's stock worth $5,472,000 after buying an additional 476,060 shares in the last quarter. Stifel Financial Corp lifted its holdings in Plug Power by 23.4% in the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker's stock worth $3,160,000 after buying an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC boosted its position in Plug Power by 166.4% during the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker's stock valued at $959,000 after acquiring an additional 265,042 shares in the last quarter. 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.

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