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Plug Power (NASDAQ:PLUG) Trading Down 4.6% - Time to Sell?

Plug Power logo with Industrials background

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) fell 4.6% during trading on Monday . The company traded as low as $1.38 and last traded at $1.40. 33,979,646 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 70,061,615 shares. The stock had previously closed at $1.47.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PLUG. Roth Capital reissued a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Jefferies Financial Group lowered their target price on Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research note on Tuesday, May 20th. 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. Susquehanna dropped their price target on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, 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 note on Wednesday, May 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 data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $1.83.

Check Out Our Latest Analysis on Plug Power

Plug Power Stock Performance

The company has a market cap of $1.57 billion, a PE ratio of -0.55 and a beta of 2.29. The business's 50-day moving average is $1.01 and its 200 day moving average is $1.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95.

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

Insider Activity

In other news, insider Paul B. Middleton acquired 650,000 shares of the firm's stock in a transaction on Monday, June 9th. The shares were purchased 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 of the company's stock, valued at $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently modified their holdings of PLUG. Norges Bank bought a new stake in shares of Plug Power during the 4th quarter valued at about $146,465,000. Heights Capital Management Inc. bought a new stake in shares of Plug Power during the 1st quarter valued at about $31,174,000. Point72 Asset Management L.P. bought a new stake in shares of Plug Power during the 4th quarter valued at about $10,370,000. Vanguard Group Inc. boosted its stake in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after purchasing an additional 4,491,114 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Plug Power during the 4th quarter valued at about $6,235,000. Institutional investors own 43.48% of the company's stock.

Plug Power Company Profile

(Get Free Report)

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.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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