Plug Power (NASDAQ:PLUG) Shares Down 6.3% - Should You Sell?

Key Points

• Plug Power's stock has fallen by 6.3%, closing at $3.87, after reaching a low of $3.68 during trading, with an increase in trading volume by 113% from its average.
• Analysts have a mixed outlook on Plug Power, with price targets ranging from $1.00 to $7.00 and a consensus rating of "Reduce".
• Institutional investors currently hold 43.48% of Plug Power's shares, with recent purchases indicating continued interest in the company.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) was down 6.3% during trading on Tuesday . The stock traded as low as $3.68 and last traded at $3.87. Approximately 194,659,360 shares changed hands during mid-day trading, an increase of 113% from the average daily volume of 91,520,125 shares. The stock had previously closed at $4.13.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets lowered their price objective on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research note on Tuesday, August 12th. Wells Fargo & Company increased their price target on shares of Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a report on Thursday, August 14th. Weiss Ratings restated a "sell (d-)" rating on shares of Plug Power in a research report on Saturday, September 27th. HC Wainwright upped their price objective on shares of Plug Power from $3.00 to $7.00 and gave the company a "buy" rating in a research report on Friday. Finally, Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $2.19.

Plug Power Stock Down 6.3%

The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The business's fifty day moving average price is $1.85 and its 200 day moving average price is $1.40. The company has a market capitalization of $4.47 billion, a P/E ratio of -1.68 and a beta of 2.23.

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

Institutional Trading of Plug Power

Institutional investors have recently bought and sold shares of the stock. Oak Thistle LLC bought a new stake in Plug Power in the third quarter valued at $30,000. Silverlake Wealth Management LLC bought a new stake in shares of Plug Power in the 2nd quarter worth about $50,000. Headlands Technologies LLC acquired a new stake in shares of Plug Power during the 2nd quarter worth about $718,000. CANADA LIFE ASSURANCE Co lifted its holdings in Plug Power by 10.7% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 237,944 shares of the electronics maker's stock valued at $355,000 after purchasing an additional 23,007 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Plug Power by 340.3% in the second quarter. Tower Research Capital LLC TRC now owns 67,238 shares of the electronics maker's stock valued at $100,000 after buying an additional 51,966 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

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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