Plug Power (NASDAQ:PLUG) Stock Price Down 2.2% – Should You Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) dropped 2.2% during mid-day trading on Tuesday . The stock traded as low as $1.54 and last traded at $1.56. Approximately 25,393,595 shares traded hands during trading, a decline of 63% from the average daily volume of 67,915,914 shares. The stock had previously closed at $1.59.

Analyst Ratings Changes

Several research analysts have commented on the company. Wells Fargo & Company cut their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. StockNews.com upgraded shares of Plug Power to a “sell” rating in a report on Monday, February 10th. Piper Sandler decreased their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group decreased their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.12.

Plug Power Price Performance

The company’s 50-day simple moving average is $2.19 and its 200-day simple moving average is $2.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -0.74 and a beta of 1.79.

Institutional Investors Weigh In On Plug Power

A number of hedge funds have recently bought and sold shares of the business. Pacific Sage Partners LLC bought a new stake in shares of Plug Power in the 4th quarter worth about $25,000. Oppenheimer & Co. Inc. bought a new stake in Plug Power in the fourth quarter valued at $25,000. Jones Financial Companies Lllp boosted its stake in Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 6,074 shares during the period. Callan Family Office LLC bought a new position in Plug Power in the 4th quarter worth approximately $27,000. Finally, Ground Swell Capital LLC acquired a new position in shares of Plug Power during the fourth quarter valued at $27,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.