Gabelli Funds LLC Boosts Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Gabelli Funds LLC increased its position in Plug Power Inc. (NASDAQ:PLUG) by 20.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 300,000 shares of the electronics maker’s stock after acquiring an additional 50,000 shares during the quarter. Gabelli Funds LLC’s holdings in Plug Power were worth $699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina raised its position in shares of Plug Power by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock valued at $1,049,000 after purchasing an additional 2,280 shares during the period. Rafferty Asset Management LLC raised its holdings in Plug Power by 69.5% during the fourth quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock valued at $1,618,000 after acquiring an additional 147,435 shares during the period. 1832 Asset Management L.P. lifted its position in shares of Plug Power by 120.8% in the fourth quarter. 1832 Asset Management L.P. now owns 34,000 shares of the electronics maker’s stock valued at $153,000 after acquiring an additional 18,600 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Plug Power in the fourth quarter worth about $5,133,000. Finally, Neuberger Berman Group LLC raised its stake in Plug Power by 39.4% during the 4th quarter. Neuberger Berman Group LLC now owns 47,296 shares of the electronics maker’s stock valued at $213,000 after purchasing an additional 13,377 shares during the period. Institutional investors own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Truist Financial dropped their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Canaccord Genuity Group cut their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Susquehanna decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Piper Sandler dropped their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Finally, Wells Fargo & Company reduced their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $5.19.

Plug Power Trading Up 5.6 %

PLUG opened at $2.06 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The stock’s 50 day moving average price is $2.09 and its 200-day moving average price is $2.64. Plug Power Inc. has a one year low of $1.60 and a one year high of $7.95. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -0.86 and a beta of 1.79.

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

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.