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

Key Points

• Plug Power's stock price gapped down from $2.40 to $2.25 before opening on Thursday, and as of the last trade, it was at $2.32 with a total volume of over 35 million shares.
• Analysts have mixed sentiments about Plug Power, with a consensus rating of "Reduce" and a price target average of $1.88, while various firms have adjusted their ratings and targets across the spectrum from "strong sell" to "neutral."
• Institutional investment activities included significant purchases by firms such as Heights Capital Management and Legal & General Group, with institutional ownership currently at 43.48% of the stock.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $2.40, but opened at $2.25. Plug Power shares last traded at $2.32, with a volume of 35,435,612 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PLUG shares. Susquehanna upped their target price on shares of Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Wells Fargo & Company upped their price target on shares of Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a research note on Thursday, August 14th. BMO Capital Markets decreased their price target 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. Evercore ISI raised shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Finally, Jefferies Financial Group upped their price target on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research note on Wednesday, July 23rd. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $1.88.

Plug Power Trading Down 3.1%

The stock's fifty day moving average price is $1.68 and its 200 day moving average price is $1.34. 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 stock has a market capitalization of $2.69 billion, a P/E ratio of -1.00 and a beta of 2.09.

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

Institutional Trading of Plug Power

Institutional investors have recently modified their holdings of the company. Heights Capital Management Inc. purchased a new position in Plug Power during the 1st quarter worth approximately $31,174,000. Legal & General Group Plc raised its position in Plug Power by 59.9% during 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. Vanguard Group Inc. raised its position in Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after buying an additional 3,930,342 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in Plug Power by 365,934.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after buying an additional 3,794,740 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Plug Power by 14.9% during the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock worth $35,872,000 after buying an additional 3,125,542 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors.

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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