Plug Power (NASDAQ:PLUG) Trading Down 0.3% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 0.3% during mid-day trading on Thursday . The stock traded as low as $1.63 and last traded at $1.66. Approximately 21,053,830 shares changed hands during trading, a decline of 69% from the average daily volume of 67,635,227 shares. The stock had previously closed at $1.66.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PLUG shares. HC Wainwright reduced their price target on Plug Power from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Canaccord Genuity Group lowered their price target on Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a report on Wednesday, March 5th. B. Riley reduced their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Truist Financial dropped their price target on Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Finally, Piper Sandler dropped their price objective on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research note on Wednesday, March 5th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat, Plug Power has an average rating of “Hold” and a consensus price target of $2.34.

Plug Power Stock Up 0.6 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The business’s 50 day moving average price is $1.99 and its 200 day moving average price is $2.08. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -0.78 and a beta of 1.98.

Institutional Trading of Plug Power

Institutional investors have recently bought and sold shares of the business. Nations Financial Group Inc. IA ADV grew its stake in shares of Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after buying an additional 4,700 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Plug Power by 53.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock worth $33,000 after purchasing an additional 5,348 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after buying an additional 5,485 shares during the period. Compagnie Lombard Odier SCmA increased its position in shares of Plug Power by 12.8% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock valued at $104,000 after acquiring an additional 5,550 shares during the last quarter. Finally, Millburn Ridgefield Corp lifted its holdings in shares of Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.