Plug Power (NASDAQ:PLUG) Sets New 12-Month Low – Should You Sell?

Plug Power, Inc. (NASDAQ:PLUG) shares hit a new 52-week low on Wednesday. The company traded as low as $1.34 and last traded at $1.40, with a volume of 47,160,611 shares changing hands. The stock had previously closed at $1.37.

Analysts Set New Price Targets

PLUG has been the subject of a number of analyst reports. Craig Hallum reiterated a “buy” rating on shares of Plug Power in a research note on Tuesday, August 11th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Plug Power in a report on Tuesday, September 29th. Weiss Ratings upgraded Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday. Morgan Stanley reaffirmed an “underweight” rating and set a $1.20 price target on shares of Plug Power in a report on Wednesday, October 14th. Finally, Wall Street Zen raised Plug Power from a “strong sell” rating to a “sell” rating in a report on Saturday, October 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.40.

Plug Power Trading Down 2.1%

The company has a market cap of $1.93 billion, a price-to-earnings ratio of -1.10 and a beta of 2.28. The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29. The business’s fifty day simple moving average is $1.96 and its two-hundred day simple moving average is $2.54.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The business had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $169.11 million. The company’s revenue was up 2.5% on a year-over-year basis. On average, equities analysts predict that Plug Power, Inc. will post -0.25 EPS for the current year.

Insider Transactions at Plug Power

In other Plug Power news, insider Benjamin Haycraft sold 200,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $2.14, for a total transaction of $428,000.00. Following the transaction, the insider owned 101,249 shares of the company’s stock, valued at approximately $216,672.86. This trade represents a 66.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 241,935 shares of company stock valued at $509,397 in the last three months. Corporate insiders own 1.37% of the company’s stock.

Institutional Trading of Plug Power

Large investors have recently made changes to their positions in the company. Kestra Advisory Services LLC increased its position in Plug Power by 11.8% during the first quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker’s stock worth $97,000 after buying an additional 4,525 shares during the period. Earned Wealth Advisors LLC raised its position in Plug Power by 12.6% in the 1st quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker’s stock valued at $100,000 after purchasing an additional 4,923 shares during the last quarter. GTS Securities LLC boosted its stake in Plug Power by 18.9% during the 2nd quarter. GTS Securities LLC now owns 32,330 shares of the electronics maker’s stock worth $88,000 after purchasing an additional 5,135 shares during the period. Abel Hall LLC boosted its stake in Plug Power by 9.2% during the 1st quarter. Abel Hall LLC now owns 62,213 shares of the electronics maker’s stock worth $141,000 after purchasing an additional 5,223 shares during the period. Finally, Wealthfront Advisers LLC grew its position in Plug Power by 8.2% during the 1st quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 5,283 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

About Plug Power

Plug Power Inc is a clean-energy technology company that develops hydrogen and fuel-cell solutions for commercial and industrial customers. Founded in 1997 and headquartered in Latham, New York, the company focuses on replacing conventional batteries and fossil-fuel-powered equipment with hydrogen-based power systems.

Its product portfolio includes fuel-cell systems for material-handling equipment, backup and stationary power, and commercial vehicles; hydrogen engines and fuel-cell stacks; electrolyzers that produce hydrogen from water; and hydrogen generation, storage, and delivery infrastructure.