Plug Power (NASDAQ:PLUG) Trading Down 6.4% - Time to Sell?

Key Points

• Plug Power's shares fell 6.4% to $2.92 on Wednesday, with a trading volume of approximately 111.5 million, up 18% from average daily volumes.
• Analyst ratings vary widely; BMO Capital Markets set an "underperform" target of $1.00, while Susquehanna raised theirs to $3.50, indicating differing perceptions of the company's future performance.
• Plug Power reported a loss of ($0.16) EPS, missing consensus estimates, but exceeded revenue expectations with $173.97 million during the last quarter.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) were down 6.4% on Wednesday . The company traded as low as $2.77 and last traded at $2.92. Approximately 111,521,991 shares were traded during trading, an increase of 18% from the average daily volume of 94,873,578 shares. The stock had previously closed at $3.12.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PLUG shares. BMO Capital Markets dropped their price target on Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a report on Tuesday, August 12th. Jefferies Financial Group raised their price target on Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Evercore ISI raised Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Wells Fargo & Company raised their price target on Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a report on Thursday, August 14th. Finally, Susquehanna raised their price target on Plug Power from $1.80 to $3.50 and gave the company a "neutral" rating in a report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.54.

Plug Power Price Performance

The company has a 50 day moving average price of $2.32 and a 200 day moving average price of $1.58. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of -1.26 and a beta of 2.23. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The firm had revenue of $173.97 million during the quarter, compared to analyst estimates of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. As a group, equities research analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. grew its stake in shares of Plug Power by 31.8% during the second quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker's stock worth $37,000 after purchasing an additional 6,039 shares during the period. Mandatum Life Insurance Co Ltd grew its stake in shares of 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 purchasing an additional 7,300 shares during the period. Avidian Wealth Enterprises LLC grew its stake in shares of Plug Power by 45.4% during the second quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker's stock worth $36,000 after purchasing an additional 7,500 shares during the period. J. L. Bainbridge & Co. Inc. grew its stake in shares of Plug Power by 69.4% during the third quarter. J. L. Bainbridge & Co. Inc. now owns 20,306 shares of the electronics maker's stock worth $47,000 after purchasing an additional 8,317 shares during the period. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Plug Power by 11.9% during the second quarter. Ameritas Investment Partners Inc. now owns 93,347 shares of the electronics maker's stock worth $139,000 after purchasing an additional 9,921 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

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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