Plug Power (NASDAQ:PLUG) Shares Down 1.4% - Time to Sell?

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) dropped 1.4% during trading on Thursday . The company traded as low as $1.68 and last traded at $1.76. Approximately 41,739,782 shares traded hands during trading, a decline of 41% from the average daily volume of 71,017,173 shares. The stock had previously closed at $1.78.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Piper Sandler dropped their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Canaccord Genuity Group dropped their target price on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company cut their price target on Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 14th. Wall Street Zen raised Plug Power to a "sell" rating in a report on Tuesday, May 13th. Finally, Morgan Stanley dropped their price objective on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research note on Monday, May 19th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Plug Power has an average rating of "Hold" and an average price target of $1.83.

Plug Power Stock Down 3.6%

The business has a 50-day moving average price of $1.08 and a 200 day moving average price of $1.47. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $1.86 billion, a P/E ratio of -0.66 and a beta of 2.29.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The business had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. On average, equities analysts expect that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul B. Middleton purchased 650,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was bought at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Congress Park Capital LLC boosted its holdings in shares of Plug Power by 52.8% in the 2nd quarter. Congress Park Capital LLC now owns 59,350 shares of the electronics maker's stock worth $88,000 after purchasing an additional 20,500 shares during the period. CX Institutional lifted its position in Plug Power by 2,039.8% in the second quarter. CX Institutional now owns 41,961 shares of the electronics maker's stock worth $63,000 after buying an additional 40,000 shares during the last quarter. Mandatum Life Insurance Co Ltd boosted its stake in Plug Power by 17.6% during the second quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock worth $73,000 after buying an additional 7,300 shares during the period. Baader Bank Aktiengesellschaft increased its position in Plug Power by 3,034.2% during the second quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker's stock valued at $973,000 after acquiring an additional 632,117 shares during the last quarter. Finally, Sovran Advisors LLC raised its stake in shares of Plug Power by 61.7% in the second quarter. Sovran Advisors LLC now owns 114,998 shares of the electronics maker's stock valued at $163,000 after acquiring an additional 43,871 shares during the period. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.