Plug Power (NASDAQ:PLUG) Trading Down 0.3% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) dropped 0.3% during mid-day trading on Monday . The stock traded as low as $1.72 and last traded at $1.78. Approximately 22,301,358 shares were traded during trading, a decline of 67% from the average daily volume of 67,389,695 shares. The stock had previously closed at $1.78.

Wall Street Analyst Weigh In

PLUG has been the topic of several recent analyst reports. Canaccord Genuity Group cut their target price on Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley cut their price objective on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research note on Thursday. Susquehanna decreased their target price on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a research report on Wednesday, March 5th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Finally, BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Plug Power presently has an average rating of “Hold” and an average target price of $2.34.

Plug Power Stock Performance

The stock has a market capitalization of $1.58 billion, a PE ratio of -0.80 and a beta of 1.98. The firm’s 50-day simple moving average is $2.05 and its two-hundred day simple moving average is $2.09. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. increased its position in Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after buying an additional 4,491,114 shares during the last quarter. Norges Bank acquired a new position in shares of Plug Power during the 4th quarter valued at about $146,465,000. Geode Capital Management LLC raised its stake in shares of Plug Power by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after acquiring an additional 722,639 shares in the last quarter. Legal & General Group Plc lifted its holdings in Plug Power by 8.5% in the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after purchasing an additional 796,774 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Plug Power by 11.1% during the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock worth $16,843,000 after purchasing an additional 790,650 shares during the period. Institutional investors and hedge funds 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.