Plug Power Inc. (NASDAQ:PLUG) Shares Acquired by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC lifted its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 94.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 365,143 shares of the electronics maker’s stock after buying an additional 176,898 shares during the period. Foundations Investment Advisors LLC’s holdings in Plug Power were worth $851,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PLUG. Norges Bank acquired a new position in Plug Power during the 4th quarter valued at approximately $97,800,000. Swedbank AB acquired a new position in shares of Plug Power during the first quarter valued at $10,687,000. SG Americas Securities LLC grew its position in shares of Plug Power by 134.0% during the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after acquiring an additional 1,407,858 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Plug Power in the 4th quarter worth about $5,133,000. Finally, Pinnacle Associates Ltd. increased its holdings in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after acquiring an additional 1,105,813 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. B. Riley raised shares of Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Wells Fargo & Company decreased their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Craig Hallum cut their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Piper Sandler reduced their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Finally, Morgan Stanley lowered their price target on Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a report on Friday, May 10th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $5.19.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $1.61 on Friday. The stock’s fifty day simple moving average is $2.31 and its 200 day simple moving average is $2.80. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -0.67 and a beta of 1.79. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a 52-week low of $1.60 and a 52-week high of $8.80.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s revenue for the quarter was down 44.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.35) EPS. As a group, sell-side analysts forecast that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Plug Power 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.