Plug Power (NASDAQ:PLUG) Reaches New 12-Month Low – Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) reached a new 52-week low on Wednesday . The company traded as low as $1.57 and last traded at $1.62, with a volume of 9268814 shares trading hands. The stock had previously closed at $1.62.

Analyst Ratings Changes

Several analysts have issued reports on PLUG shares. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Craig Hallum decreased their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Wells Fargo & Company dropped their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Piper Sandler reduced their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Finally, BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $4.12.

Plug Power Trading Up 1.5 %

The stock has a market cap of $1.50 billion, a price-to-earnings ratio of -0.76 and a beta of 1.79. 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 company has a 50 day moving average of $2.31 and a 200-day moving average of $2.16.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the prior year, the firm posted ($0.47) earnings per share. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. On average, research analysts anticipate that Plug Power Inc. will post -1.21 earnings per share for the current year.

Institutional Trading of Plug Power

Large investors have recently made changes to their positions in the company. Pictet Asset Management Holding SA increased its stake in shares of Plug Power by 45.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 116,210 shares of the electronics maker’s stock worth $248,000 after acquiring an additional 36,408 shares during the period. Duff & Phelps Investment Management Co. increased its position in Plug Power by 111.0% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 158,576 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 83,416 shares during the period. Norges Bank purchased a new position in shares of Plug Power during the 4th quarter worth approximately $146,465,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Plug Power by 19.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 782,049 shares of the electronics maker’s stock worth $1,666,000 after buying an additional 128,193 shares in the last quarter. Finally, Modern Wealth Management LLC acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $64,000. 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.