Plug Power (NASDAQ:PLUG) Stock Price Down 0.9% - Time to Sell?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price dropped 0.9% on Friday . The stock traded as low as $0.83 and last traded at $0.84. Approximately 40,902,701 shares traded hands during trading, a decline of 25% from the average daily volume of 54,264,151 shares. The stock had previously closed at $0.85.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PLUG. UBS Group reduced their price target on Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a report on Friday, March 21st. Truist Financial reduced their price target on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Piper Sandler lowered their price objective on shares of Plug Power from $1.40 to $1.10 and set an "underweight" rating for the company in a research report on Wednesday, March 5th. StockNews.com raised Plug Power to a "sell" rating in a research report on Tuesday, March 4th. Finally, Susquehanna lowered their price target on Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a research report on Monday, April 14th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.29.

Plug Power Stock Up 7.7 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a market capitalization of $854.13 million, a P/E ratio of -0.39 and a beta of 2.19. The firm's fifty day moving average price is $1.25 and its 200-day moving average price is $1.84.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mariner LLC lifted its stake in shares of Plug Power by 29.7% in the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker's stock valued at $379,000 after buying an additional 40,710 shares during the period. Norges Bank acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $146,465,000. Wells Fargo & Company MN raised its position in Plug Power by 2.7% in the 4th quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker's stock worth $5,720,000 after purchasing an additional 70,187 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Plug Power during the 4th quarter worth $320,000. Finally, Vanguard Group Inc. increased its stake in shares of Plug Power by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after buying an additional 4,491,114 shares during the period. 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.