Plug Power (NASDAQ:PLUG) Hits New 12-Month Low – Should You Sell?

Plug Power, Inc. (NASDAQ:PLUG)’s share price reached a new 52-week low on Friday. The company traded as low as $1.34 and last traded at $1.3450, with a volume of 24,441,829 shares. The stock had previously closed at $1.42.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PLUG. Morgan Stanley reiterated an “underweight” rating and set a $1.20 price objective on shares of Plug Power in a research note on Wednesday, October 14th. Weiss Ratings raised Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, October 21st. Jefferies Financial Group upgraded shares of Plug Power to a “hold” rating in a report on Thursday, September 3rd. Susquehanna decreased their target price on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research report on Wednesday, October 14th. Finally, UBS Group reissued a “buy” rating and set a $5.00 target price on shares of Plug Power in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $3.40.

Plug Power Price Performance

The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.32 and a current ratio of 2.32. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -1.08 and a beta of 2.28. The company’s 50 day moving average price is $1.88 and its 200-day moving average price is $2.39.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The company had revenue of $178.30 million during the quarter, compared to the consensus estimate of $169.11 million. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Plug Power, Inc. will post -0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin Haycraft sold 200,000 shares of the business’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $2.14, for a total value of $428,000.00. Following the sale, the insider directly owned 101,249 shares of the company’s stock, valued at approximately $216,672.86. The trade was a 66.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 241,935 shares of company stock worth $509,397 in the last 90 days. Insiders own 1.37% of the company’s stock.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in PLUG. BlackRock Inc. lifted its position in Plug Power by 21.0% during the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock worth $498,728,000 after purchasing an additional 31,939,194 shares during the period. State Street Corp lifted its holdings in shares of Plug Power by 6.1% in the 2nd quarter. State Street Corp now owns 38,763,529 shares of the electronics maker’s stock worth $105,049,000 after purchasing an additional 2,214,427 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Plug Power by 97.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after purchasing an additional 13,685,900 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in Plug Power by 446.9% during the second quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock worth $51,529,000 after purchasing an additional 15,537,320 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Plug Power by 241.2% in the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock worth $40,971,000 after purchasing an additional 12,820,616 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a clean-energy technology company that develops hydrogen and fuel-cell solutions for commercial and industrial customers. Founded in 1997 and headquartered in Latham, New York, the company focuses on replacing conventional batteries and fossil-fuel-powered equipment with hydrogen-based power systems.

Its product portfolio includes fuel-cell systems for material-handling equipment, backup and stationary power, and commercial vehicles; hydrogen engines and fuel-cell stacks; electrolyzers that produce hydrogen from water; and hydrogen generation, storage, and delivery infrastructure.