Plug Power (NASDAQ:PLUG) Shares Gap Down – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $2.30, but opened at $2.23. Plug Power shares last traded at $2.19, with a volume of 6,469,251 shares trading hands.

Analyst Ratings Changes

PLUG has been the subject of a number of analyst reports. Jefferies Financial Group decreased their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Evercore ISI decreased their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Canaccord Genuity Group decreased their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Piper Sandler decreased their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Finally, BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Up 5.4 %

The firm’s 50 day simple moving average is $2.10 and its two-hundred day simple moving average is $2.33. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

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

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the company. Nations Financial Group Inc. IA ADV raised its holdings in Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after buying an additional 4,700 shares during the last quarter. Arkadios Wealth Advisors raised its holdings in Plug Power by 18.2% during the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after buying an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Plug Power by 0.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares during the last quarter. Catalyst Capital Advisors LLC raised its holdings in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. Finally, Millburn Ridgefield Corp raised its holdings in shares of Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

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.