Plug Power (NASDAQ:PLUG) Shares Down 0.5% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG) was down 0.5% on Wednesday . The stock traded as low as $2.01 and last traded at $2.05. Approximately 12,649,056 shares changed hands during trading, a decline of 68% from the average daily volume of 39,270,430 shares. The stock had previously closed at $2.06.

Analysts Set New Price Targets

A number of brokerages have issued reports on PLUG. B. Riley upgraded Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company reduced their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Royal Bank of Canada reduced their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Finally, Susquehanna reduced their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus price target of $5.01.

Plug Power Stock Performance

The company has a market cap of $1.54 billion, a price-to-earnings ratio of -0.85 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The stock’s fifty day simple moving average is $2.05 and its two-hundred day simple moving average is $2.56.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. Plug Power’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.35) EPS. Equities research analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares during the period. Pinnacle Associates Ltd. lifted its stake in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after acquiring an additional 1,105,813 shares during the period. Van ECK Associates Corp lifted its stake in shares of Plug Power by 37.0% in the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after acquiring an additional 923,579 shares during the period. Swedbank AB acquired a new stake in shares of Plug Power in the 1st quarter worth approximately $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Plug Power by 5.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock worth $10,022,000 after purchasing an additional 150,088 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.