Plug Power (NASDAQ:PLUG) Shares Down 5.2% - Should You Sell?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price traded down 5.2% during trading on Monday . The company traded as low as $0.80 and last traded at $0.80. 43,015,875 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 54,583,647 shares. The stock had previously closed at $0.84.

Wall Street Analysts Forecast Growth

PLUG has been the topic of a number of research analyst reports. Morgan Stanley decreased their price objective on shares of Plug Power from $1.75 to $1.60 and set an "underweight" rating on the stock in a report on Thursday, March 6th. UBS Group lowered 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 objective on Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a report on Wednesday, March 5th. Seaport Res Ptn lowered Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $3.00 price target on shares of Plug Power in a research note on Monday, March 24th. Five 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. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.29.

Plug Power Stock Up 1.2 %

The company has a market cap of $880.22 million, a PE ratio of -0.40 and a beta of 2.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm has a fifty day simple moving average of $1.22 and a 200 day simple moving average of $1.82.

Hedge Funds Weigh In On Plug Power

A number of large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Plug Power by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,972,199 shares of the electronics maker's stock worth $9,412,000 after buying an additional 418,493 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in Plug Power during the first quarter worth about $38,000. Vanguard Group Inc. raised its holdings in shares of Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in shares of Plug Power in the 1st quarter valued at about $28,000. Finally, XTX Topco Ltd lifted its stake in shares of Plug Power by 270.9% in the 1st quarter. XTX Topco Ltd now owns 356,260 shares of the electronics maker's stock valued at $481,000 after purchasing an additional 260,216 shares in the last quarter. 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.