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

Key Points

• Plug Power's stock price gapped down from $3.87 to $3.62 before closing at $3.73, with trading volume exceeding 42 million shares.
• Analysts have mixed opinions on the stock, with a consensus rating of "Reduce" and an average target price of $2.19, while four analysts rated it as a Buy and six issued Sell ratings.
• The company reported a quarterly loss of ($0.16) earnings per share, which missed analyst expectations, although revenue reached $173.97 million, surpassing estimates.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $3.87, but opened at $3.62. Plug Power shares last traded at $3.73, with a volume of 42,978,356 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PLUG. Jefferies Financial Group lifted their price target on Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Weiss Ratings restated a "sell (d-)" rating on shares of Plug Power in a research note on Saturday, September 27th. Wells Fargo & Company boosted their target price on Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a research note on Thursday, August 14th. Susquehanna boosted their target price on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, Evercore ISI upgraded Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $2.19.

Plug Power Trading Down 7.8%

The firm has a market cap of $4.12 billion, a price-to-earnings ratio of -1.55 and a beta of 2.23. The company has a fifty day moving average price of $1.90 and a 200-day moving average price of $1.42. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly 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 analyst estimates of $157.97 million. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. As a group, research analysts expect that Plug Power, Inc. will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Large investors have recently bought and sold shares of the business. Miracle Mile Advisors LLC acquired a new position in Plug Power in the 1st quarter worth about $26,000. Sender Co & Partners Inc. acquired a new position in Plug Power in the 2nd quarter worth about $26,000. Baader Bank Aktiengesellschaft acquired a new position in Plug Power in the 1st quarter worth about $28,000. O ROURKE & COMPANY Inc acquired a new position in Plug Power in the 2nd quarter worth about $30,000. Finally, Abel Hall LLC acquired a new position in Plug Power in the 2nd quarter worth about $30,000. Institutional investors and hedge funds 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.

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