Plug Power (NASDAQ:PLUG) Stock Price Down 4.3% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG)’s share price dropped 4.3% during mid-day trading on Tuesday . The stock traded as low as $2.10 and last traded at $2.11. Approximately 6,412,061 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 41,605,973 shares. The stock had previously closed at $2.20.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PLUG shares. Evercore ISI decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Truist Financial cut their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Susquehanna decreased their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, 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 note on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.94 billion, a PE ratio of -1.00 and a beta of 1.81. The business’s 50-day moving average price is $2.08 and its 200-day moving average price is $2.37.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the prior year, the firm posted ($0.47) earnings per share. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, equities research analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in Plug Power during the 3rd quarter valued at approximately $206,000. Arete Wealth Advisors LLC grew its holdings in shares of Plug Power by 575.8% during the third quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock valued at $332,000 after buying an additional 125,347 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after acquiring an additional 3,662,456 shares during the period. Duff & Phelps Investment Management Co. raised its stake in Plug Power by 31.7% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after acquiring an additional 18,110 shares during the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in Plug Power during the 3rd quarter worth about $823,000. 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.