Plug Power (NASDAQ:PLUG) Trading Down 9.8% – Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 9.8% during mid-day trading on Wednesday . The company traded as low as $2.63 and last traded at $2.66. Approximately 30,052,167 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 87,502,094 shares. The stock had previously closed at $2.95.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PLUG shares. Evercore ISI lowered their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. Craig Hallum lowered their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group lowered their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Stock Up 7.5 %

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 company has a fifty day moving average price of $2.28 and a 200-day moving average price of $2.24. The stock has a market capitalization of $2.62 billion, a P/E ratio of -1.34 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its 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 the consensus estimate of $207.25 million. During the same period last year, the firm posted ($0.47) earnings per share. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in PLUG. Geode Capital Management LLC increased its stake in Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after buying an additional 1,354,500 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after buying an additional 1,051,400 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after buying an additional 1,036,777 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Plug Power during the third quarter valued at approximately $2,174,000. 43.48% of the stock is owned by institutional investors.

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.