Plug Power (NASDAQ:PLUG) Shares Down 1.8% - Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) dropped 1.8% during trading on Tuesday . The company traded as low as $1.88 and last traded at $1.92. Approximately 23,320,422 shares changed hands during trading, a decline of 70% from the average daily volume of 78,104,461 shares. The stock had previously closed at $1.95.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PLUG. Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a report on Wednesday, November 13th. Seaport Res Ptn lowered shares of Plug Power from a "hold" rating to a "strong sell" rating in a research report on Monday, January 27th. Susquehanna raised their target price on Plug Power from $2.00 to $2.50 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. BTIG Research lowered shares of Plug Power from a "buy" rating to a "neutral" rating in a research note on Thursday, November 14th. Finally, Piper Sandler decreased their price target on Plug Power from $1.60 to $1.40 and set an "underweight" rating on the stock in a research report on Thursday, November 14th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $4.18.

Plug Power Stock Performance

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.69 billion, a PE ratio of -0.87 and a beta of 1.79. The company has a fifty day moving average price of $2.36 and a 200 day moving average price of $2.19.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts' expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm's revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.47) EPS. Analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its stake in shares of Plug Power by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,109,530 shares of the electronics maker's stock worth $2,588,000 after acquiring an additional 187,205 shares during the period. Marshall Wace LLP raised its holdings in Plug Power by 80.0% during the second quarter. Marshall Wace LLP now owns 24,492 shares of the electronics maker's stock valued at $57,000 after acquiring an additional 10,882 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Plug Power by 144.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 382,186 shares of the electronics maker's stock worth $890,000 after purchasing an additional 225,834 shares in the last quarter. Algert Global LLC bought a new position in shares of Plug Power during the second quarter worth $152,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Plug Power by 25.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker's stock valued at $4,532,000 after purchasing an additional 400,120 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.