Plug Power (NASDAQ:PLUG) Trading Down 9.8% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) shares dropped 9.8% during trading on Wednesday . The company traded as low as $2.63 and last traded at $2.66. Approximately 30,052,167 shares changed hands during trading, a decline of 66% from the average daily volume of 87,502,094 shares. The stock had previously closed at $2.95.

Wall Street Analysts Forecast Growth

PLUG has been the topic of a number of analyst reports. Wells Fargo & Company cut their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 14th. Canaccord Genuity Group lowered their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Jefferies Financial Group lowered their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Finally, Craig Hallum lowered their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Performance

The firm has a fifty day moving average price of $2.28 and a 200 day moving average price of $2.24. 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 stock has a market cap of $2.62 billion, a PE ratio of -1.34 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the company earned ($0.47) earnings per share. Plug Power’s revenue was down 12.6% on a year-over-year basis. Research analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in Plug Power during the 3rd quarter worth about $206,000. Arete Wealth Advisors LLC grew its position in Plug Power by 575.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock worth $332,000 after purchasing an additional 125,347 shares during the period. Geode Capital Management LLC grew its position in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the period. Duff & Phelps Investment Management Co. grew its position in Plug Power by 31.7% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after purchasing an additional 18,110 shares during the period. Finally, Main Management ETF Advisors LLC acquired a new stake in Plug Power during the 3rd quarter worth about $823,000. 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.