Plug Power (NASDAQ:PLUG) Trading Down 9.5% - Time to Sell?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares were down 9.5% on Thursday . The company traded as low as $2.56 and last traded at $2.67. Approximately 68,127,402 shares were traded 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.

Wall Street Analysts Forecast Growth

PLUG has been the topic of a number of analyst reports. Evercore ISI dropped their target price on Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 13th. BTIG Research lowered Plug Power from a "buy" rating to a "neutral" rating in a research report on Thursday, November 14th. Craig Hallum cut their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a report on Thursday, November 14th. HC Wainwright reaffirmed a "buy" rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Finally, Wells Fargo & Company cut 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 research note on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $4.52.

Plug Power Stock Down 9.5 %

The firm has a 50-day moving average price of $2.28 and a two-hundred day moving average price of $2.24. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -1.25 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.

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Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the business posted ($0.47) EPS. The firm's revenue for the quarter was down 12.6% compared to the same quarter last year. On average, sell-side analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker's stock valued at $36,000 after acquiring an additional 4,700 shares during the period. Arkadios Wealth Advisors grew its position in Plug Power by 18.2% during 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Plug Power by 0.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker's stock valued at $1,817,000 after purchasing an additional 5,485 shares during the period. Catalyst Capital Advisors LLC raised 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 valued at $29,000 after buying an additional 5,631 shares during the last quarter. Finally, Millburn Ridgefield Corp boosted its stake in shares of Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker's stock worth $29,000 after buying an additional 5,631 shares during the period. Hedge funds and other institutional investors own 43.48% of the company's stock.

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.