Plug Power (NASDAQ:PLUG) Shares Down 5.6% – Time to Sell?

Plug Power, Inc. (NASDAQ:PLUG)’s share price fell 5.6% during mid-day trading on Wednesday . The stock traded as low as $2.24 and last traded at $2.2550. 30,056,298 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 91,743,516 shares. The stock had previously closed at $2.39.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. HSBC set a $4.40 price objective on Plug Power in a report on Thursday, October 9th. Wall Street Zen downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, November 16th. Susquehanna decreased their price objective on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a report on Monday, November 17th. Cowen reiterated a “buy” rating on shares of Plug Power in a report on Wednesday, November 19th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Plug Power in a research report on Monday, November 24th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2.80.

Plug Power Price Performance

The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of -0.98 and a beta of 1.68. The company’s 50 day moving average is $2.24 and its 200-day moving average is $2.10.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%.The firm had revenue of $177.06 million for the quarter, compared to the consensus estimate of $185.41 million. Equities research analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In other news, insider Jose Luis Crespo bought 37,300 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were bought at an average price of $2.34 per share, with a total value of $87,282.00. Following the completion of the transaction, the insider owned 307,332 shares of the company’s stock, valued at $719,156.88. This trade represents a 13.81% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Benjamin Haycraft sold 40,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total value of $88,000.00. Following the completion of the transaction, the insider directly owned 373,809 shares in the company, valued at approximately $822,379.80. This represents a 9.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 60,000 shares of company stock worth $155,200. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Brave Asset Management Inc. raised its holdings in shares of Plug Power by 603.8% during the 2nd quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock worth $209,000 after buying an additional 120,450 shares in the last quarter. Legal & General Group Plc boosted its stake in Plug Power by 59.9% in the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock valued at $25,301,000 after buying an additional 6,364,483 shares in the last quarter. Baader Bank Aktiengesellschaft raised its stake in Plug Power by 3,034.2% during the second quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock worth $973,000 after acquiring an additional 632,117 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Plug Power by 365,934.4% during the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock worth $5,656,000 after acquiring an additional 3,794,740 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Plug Power by 14.9% in the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after acquiring an additional 3,125,542 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.