Plug Power (NASDAQ:PLUG) Stock Price Down 4.9% - Should You Sell?

Key Points

• Plug Power's stock price declined by 4.9%, trading as low as $3.64 with significant volume spikes, reflecting increased investor activity.
• Several analysts have adjusted their price targets for Plug Power, with estimates ranging from $0.90 to $3.50, while the company currently holds a consensus rating of "Hold" and a price target of $2.47.
• Plug Power reported earnings of (-0.16) EPS, missing estimates but surpassing revenue expectations with $173.97 million for the quarter.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price dropped 4.9% during mid-day trading on Wednesday . The stock traded as low as $3.64 and last traded at $3.85. Approximately 180,321,348 shares changed hands during trading, an increase of 92% from the average daily volume of 94,064,070 shares. The stock had previously closed at $4.05.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PLUG shares. Jefferies Financial Group raised their target price on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Susquehanna raised their target price on shares of Plug Power from $1.80 to $3.50 and gave the stock a "neutral" rating in a research report on Monday. BMO Capital Markets decreased their target price on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research report on Tuesday, August 12th. Wells Fargo & Company raised their target price 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, Evercore ISI raised shares of Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $2.47.

Plug Power Stock Performance

The stock's 50 day moving average price is $2.13 and its 200 day moving average price is $1.50. 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 firm has a market cap of $4.45 billion, a PE ratio of -1.67 and a beta of 2.23.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its 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). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The business had revenue of $173.97 million during the quarter, compared to analysts' expectations of $157.97 million. As a group, equities 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

A number of hedge funds have recently made changes to their positions in PLUG. Yousif Capital Management LLC purchased a new stake in shares of Plug Power during the third quarter valued at approximately $27,000. Oak Thistle LLC purchased a new stake in shares of Plug Power during the third quarter valued at approximately $30,000. Sender Co & Partners Inc. purchased a new stake in shares of Plug Power during the second quarter valued at approximately $26,000. O ROURKE & COMPANY Inc purchased a new stake in shares of Plug Power during the second quarter valued at approximately $30,000. Finally, Obermeyer Wealth Partners raised its stake in shares of Plug Power by 100.0% during the second quarter. Obermeyer Wealth Partners now owns 20,000 shares of the electronics maker's stock valued at $30,000 after purchasing an additional 10,000 shares during the period. Hedge funds and other institutional investors 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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