Xponance Inc. Raises Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Xponance Inc. boosted its position in Plug Power Inc. (NASDAQ:PLUG) by 118.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,035 shares of the electronics maker’s stock after purchasing an additional 21,707 shares during the quarter. Xponance Inc.’s holdings in Plug Power were worth $93,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PLUG. Swedbank AB bought a new position in shares of Plug Power in the first quarter worth $10,687,000. SG Americas Securities LLC increased its stake in Plug Power by 134.0% in the 2nd 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 purchased a new stake in shares of Plug Power in the 4th quarter valued at about $5,133,000. Pinnacle Associates Ltd. raised 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 valued at $12,989,000 after acquiring an additional 1,105,813 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after purchasing an additional 1,036,777 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Truist Financial lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report 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 report on Monday, August 12th. B. Riley raised Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Wells Fargo & Company dropped their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.19.

Plug Power Stock Performance

Plug Power stock opened at $2.16 on Thursday. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.90 billion, a P/E ratio of -0.90 and a beta of 1.79. Plug Power Inc. has a 1-year low of $1.60 and a 1-year high of $7.90. The firm has a 50-day moving average of $2.07 and a 200-day moving average of $2.60.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.35) EPS. Sell-side analysts expect 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.