Plug Power (NASDAQ:PLUG) Stock Price Down 2.6% - Should You Sell?

Key Points

• Plug Power shares declined by 2.6% during mid-day trading, with a closing price of $1.66, indicating a significant drop in trading volume, down 78% from the average.
• Analysts have mixed views on Plug Power, with a range of ratings from "strong sell" to "buy," and an average target price of $1.88 for the stock.
• In its latest quarterly earnings report, Plug Power reported a revenue of $173.97 million, surpassing analyst expectations, but had a negative earnings per share of ($0.16), missing the consensus estimate.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) dropped 2.6% on Monday . The company traded as low as $1.64 and last traded at $1.66. Approximately 18,939,176 shares changed hands during trading, a decline of 78% from the average daily volume of 87,079,266 shares. The stock had previously closed at $1.70.

Analysts Set New Price Targets

Several research firms have issued reports on PLUG. Susquehanna boosted their price objective on shares of Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Canaccord Genuity Group lowered their price target on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a report on Tuesday, May 13th. Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Morgan Stanley reduced their price objective on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research note on Monday, May 19th. Finally, Piper Sandler lowered their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research note on Wednesday, May 14th. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of "Reduce" and an average price target of $1.88.

Plug Power Stock Up 9.1%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The firm has a fifty day simple moving average of $1.50 and a 200-day simple moving average of $1.34. The company has a market capitalization of $1.94 billion, a PE ratio of -0.73 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The business had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. Equities research analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul B. Middleton bought 650,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were acquired at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the purchase, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in PLUG. Heights Capital Management Inc. bought a new stake in Plug Power during the first quarter valued at $31,174,000. Legal & General Group Plc lifted its position in shares of Plug Power by 59.9% in the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after buying an additional 6,364,483 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Plug Power in the 4th quarter valued at about $10,370,000. Vanguard Group Inc. grew its position in shares of Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after buying an additional 3,930,342 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in Plug Power by 365,934.4% during the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after acquiring an additional 3,794,740 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Company Profile

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.