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

Key Points

• Plug Power's stock price decreased by 1.4%, trading as low as $2.86, amidst a significant drop in trading volume compared to its daily average.
• Recent analyst ratings show mixed sentiment, with one upgrade to "strong buy" and multiple downgrades, leaving the stock with an average rating of "hold" and a consensus price target of $2.54.
• Plug Power reported quarterly earnings of (-$0.16) per share, slightly missing expectations, despite revenues of $173.97 million surpassing estimates.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price dropped 1.4% during trading on Thursday . The stock traded as low as $2.86 and last traded at $2.88. Approximately 61,415,782 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 94,705,414 shares. The stock had previously closed at $2.92.

Wall Street Analysts Forecast Growth

PLUG has been the topic of several research reports. Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Hsbc Global Res upgraded shares of Plug Power to a "strong-buy" rating in a research report on Thursday, October 9th. Susquehanna boosted their price target on shares of Plug Power from $1.80 to $3.50 and gave the stock a "neutral" rating in a research report on Monday, October 13th. Wells Fargo & Company boosted their price target on shares of Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Plug Power in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.54.

Plug Power Trading Down 1.4%

The company has a fifty day simple moving average of $2.35 and a 200-day simple moving average of $1.59. 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 stock has a market cap of $3.33 billion, a price-to-earnings ratio of -1.25 and a beta of 2.23.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The company had revenue of $173.97 million for 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%. On average, research analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Large investors have recently made changes to their positions in the business. Yousif Capital Management LLC acquired a new position in shares of Plug Power in the 3rd quarter valued at about $27,000. Oak Thistle LLC acquired a new position in shares of Plug Power in the 3rd quarter valued at about $30,000. Bouvel Investment Partners LLC acquired a new position in shares of Plug Power in the 3rd quarter valued at about $35,000. Sowell Financial Services LLC acquired a new position in shares of Plug Power in the 3rd quarter valued at about $39,000. Finally, Sender Co & Partners Inc. acquired a new position in shares of Plug Power in the 2nd quarter valued at about $26,000. 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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