HighPoint Advisor Group LLC Takes Position in Plug Power Inc. (NASDAQ:PLUG)

HighPoint Advisor Group LLC purchased a new stake in shares of Plug Power Inc. (NASDAQ:PLUG) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 10,671 shares of the electronics maker’s stock, valued at approximately $48,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLUG. Norges Bank bought a new stake in Plug Power during the fourth quarter worth approximately $97,800,000. Electron Capital Partners LLC acquired a new stake in shares of Plug Power during the 3rd quarter valued at $13,496,000. Quadrature Capital Ltd acquired a new stake in shares of Plug Power during the 4th quarter valued at $5,133,000. SG Americas Securities LLC lifted its position in shares of Plug Power by 183.6% during the 4th quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker’s stock valued at $7,453,000 after acquiring an additional 1,072,344 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Plug Power by 50.2% during the 4th quarter. Van ECK Associates Corp now owns 2,684,356 shares of the electronics maker’s stock valued at $12,080,000 after acquiring an additional 897,431 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

Plug Power Trading Down 5.1 %

Plug Power stock opened at $2.41 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -1.00 and a beta of 1.77. Plug Power Inc. has a one year low of $2.25 and a one year high of $13.44. The company’s fifty day moving average price is $2.86 and its two-hundred day moving average price is $3.46.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, May 9th. The electronics maker reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.11). The business had revenue of $120.26 million for the quarter, compared to analyst estimates of $162.92 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. On average, analysts forecast that Plug Power Inc. will post -1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the transaction, the director now directly owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Marathon Capitl reiterated an “equal weight” rating on shares of Plug Power in a research report on Tuesday, March 26th. Craig Hallum reduced their target price on Plug Power from $6.00 to $5.00 and set a “buy” rating for the company in a report on Monday, March 4th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Tuesday, May 14th. Truist Financial increased their target price on Plug Power from $3.00 to $4.00 and gave the company a “hold” rating in a report on Wednesday, February 28th. Finally, Evercore ISI reduced their target price on Plug Power from $9.00 to $6.00 and set an “outperform” rating for the company in a report on Monday, March 4th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Plug Power presently has an average rating of “Hold” and an average target price of $5.49.

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.