Plug Power (NASDAQ:PLUG) Trading Down 2.2% - Time to Sell?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares fell 2.2% during trading on Tuesday . The stock traded as low as $1.54 and last traded at $1.56. 25,393,595 shares were traded during mid-day trading, a decline of 63% from the average session volume of 67,915,914 shares. The stock had previously closed at $1.59.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PLUG. HC Wainwright reissued a "buy" rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Piper Sandler reduced their price target on shares of 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 price objective on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating for the company 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 report on Thursday, November 14th. Finally, Wells Fargo & Company decreased their target price on Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $4.12.

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Plug Power Price Performance

The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -0.75 and a beta of 1.79. The business has a fifty day moving average price of $2.13 and a 200 day moving average price of $2.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacific Sage Partners LLC acquired a new position in shares of Plug Power during the fourth quarter valued at approximately $25,000. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power during the 4th quarter valued at $25,000. Jones Financial Companies Lllp raised its stake in shares of Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after buying an additional 6,074 shares in the last quarter. Callan Family Office LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at $27,000. Finally, Ground Swell Capital LLC bought a new position in Plug Power during the fourth quarter valued at about $27,000. 43.48% of the stock is currently owned by 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.