Plug Power (NASDAQ:PLUG) Shares Down 1.5% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 1.5% during mid-day trading on Thursday . The company traded as low as $1.95 and last traded at $1.98. 12,814,693 shares traded hands during trading, a decline of 67% from the average session volume of 39,277,398 shares. The stock had previously closed at $2.01.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Canaccord Genuity Group decreased their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Craig Hallum decreased their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Wells Fargo & Company decreased their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.01.

Plug Power Trading Up 6.6 %

The company has a market cap of $1.84 billion, a price-to-earnings ratio of -0.89 and a beta of 1.79. The firm has a 50 day moving average price of $2.03 and a two-hundred day moving average price of $2.43. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same period in the previous year, the company posted ($0.35) EPS. The company’s quarterly revenue was down 44.9% on a year-over-year basis. As a group, equities analysts forecast that Plug Power Inc. will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after acquiring an additional 999,194 shares during the period. Van ECK Associates Corp lifted its holdings in Plug Power by 23.6% during the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares during the period. Vontobel Holding Ltd. lifted its holdings in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the period. Swedbank AB bought a new stake in Plug Power during the first quarter worth $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Plug Power by 5.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock worth $10,022,000 after acquiring an additional 150,088 shares during the period. Institutional investors and hedge funds 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.