The most appropriate response would be: Yes, because it fails to cite the source.
While the student text paraphrases the source, it does not provide a citation indicating where the information came from, which is necessary to avoid plagiarism. Using quotation marks is not applicable here since the student text is not a direct quote. However, since it mimics the ideas presented in the source without crediting it, it needs proper citation to avoid being classified as plagiarized.