Plug Power (NASDAQ:PLUG) Stock Price Down 5.7% – Should You Sell?

Plug Power, Inc. (NASDAQ:PLUG)’s stock price dropped 5.7% during trading on Wednesday . The stock traded as low as $2.14 and last traded at $2.16. Approximately 76,665,231 shares were traded during trading, a decline of 21% from the average daily volume of 96,816,773 shares. The stock had previously closed at $2.29.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a report on Wednesday, October 8th. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Plug Power in a research note on Monday, November 24th. Morgan Stanley reiterated an “underweight” rating and set a $1.50 price objective on shares of Plug Power in a research note on Thursday, October 16th. Cowen reissued a “buy” rating on shares of Plug Power in a report on Wednesday, November 19th. Finally, Hsbc Global Res upgraded shares of Plug Power to a “strong-buy” rating in a report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.80.

Plug Power Stock Performance

The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -0.91 and a beta of 1.74. The company’s fifty day simple moving average is $2.61 and its 200 day simple moving average is $2.00. The company has a quick ratio of 0.70, a current ratio of 1.32 and a debt-to-equity ratio of 0.24.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The company had revenue of $177.06 million during the quarter, compared to analysts’ expectations of $185.41 million. On average, equities research analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Activity

In other news, insider Benjamin Haycraft sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $2.20, for a total value of $88,000.00. Following the transaction, the insider owned 373,809 shares of the company’s stock, valued at approximately $822,379.80. This represents a 9.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 60,000 shares of company stock worth $155,200 in the last three months. Insiders own 1.41% of the company’s stock.

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in PLUG. Brave Asset Management Inc. boosted its position in shares of Plug Power by 603.8% in the second quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock valued at $209,000 after acquiring an additional 120,450 shares during the period. Legal & General Group Plc increased its position in Plug Power by 59.9% during the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock worth $25,301,000 after acquiring an additional 6,364,483 shares during the period. Baader Bank Aktiengesellschaft raised its stake in Plug Power by 3,034.2% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock worth $973,000 after purchasing an additional 632,117 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Plug Power by 365,934.4% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock valued at $5,656,000 after purchasing an additional 3,794,740 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Plug Power by 14.9% during the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after purchasing an additional 3,125,542 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

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.