Plug Power (NASDAQ:PLUG) Shares Down 3.4% - Time to Sell?

Key Points

• Plug Power's stock fell by 3.4% to $2.83, with a notable increase in trading volume of approximately 121 million shares, compared to its average of 87 million.
• Analysts have set varied target prices for Plug Power, with BMO Capital Markets lowering it to $1.00, while Wells Fargo raised theirs to $1.50, reflecting a mixed outlook on the company's performance.
• Plug Power reported a revenue of $173.97 million for the last quarter, surpassing analyst predictions, but also recorded a loss per share of ($0.16), which was below expectations.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price was down 3.4% during mid-day trading on Thursday . The stock traded as low as $2.77 and last traded at $2.83. Approximately 121,255,940 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 87,140,258 shares. The stock had previously closed at $2.93.

Analysts Set New Price Targets

Several equities analysts have recently commented on PLUG shares. BMO Capital Markets reduced their target price on Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a research note on Tuesday, August 12th. Wells Fargo & Company lifted their target price on Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Jefferies Financial Group lifted their price target on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Susquehanna lifted their price target on Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, Evercore ISI upgraded Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $1.88.

Plug Power Stock Down 3.4%

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -1.23 and a beta of 2.23. The firm has a 50 day moving average price of $1.75 and a 200-day moving average price of $1.37.

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

Institutional Trading of Plug Power

A number of hedge funds have recently made changes to their positions in the business. Miracle Mile Advisors LLC bought a new position in Plug Power during the 1st quarter worth $26,000. Sender Co & Partners Inc. acquired a new position in shares of Plug Power in the 2nd quarter valued at about $26,000. Baader Bank Aktiengesellschaft bought a new stake in Plug Power during the 1st quarter valued at $28,000. O ROURKE & COMPANY Inc purchased a new stake in shares of Plug Power in the second quarter worth approximately $30,000. Finally, Abel Hall LLC bought a new position in shares of Plug Power in the second quarter valued at approximately $30,000. 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.

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