Plug Power (NASDAQ:PLUG) Hits New 1-Year Low - Should You Sell?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $0.98 and last traded at $1.00, with a volume of 104817960 shares trading hands. The stock had previously closed at $1.06.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. StockNews.com upgraded shares of Plug Power to a "sell" rating in a research note on Tuesday, March 4th. Susquehanna cut their target price on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a research report on Monday, April 14th. Seaport Res Ptn cut Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. BMO Capital Markets dropped their price target on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Finally, Truist Financial reduced their price objective on Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Plug Power presently has an average rating of "Hold" and an average target price of $2.29.

Plug Power Trading Down 11.4 %

The firm has a market capitalization of $738.29 million, a P/E ratio of -0.37 and a beta of 2.07. The stock's 50-day simple moving average is $1.47 and its two-hundred day simple moving average is $1.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in Plug Power in the 4th quarter worth approximately $146,465,000. Point72 Asset Management L.P. bought a new stake in shares of Plug Power during the fourth quarter valued at approximately $10,370,000. Vanguard Group Inc. lifted its holdings in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock worth $186,244,000 after buying an additional 4,491,114 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of 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. Finally, Renaissance Technologies LLC purchased a new position in Plug Power during the fourth quarter valued at $6,235,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

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.