ACT Wealth Management LLC Buys Shares of 14,000 Plug Power Inc. (NASDAQ:PLUG)

ACT Wealth Management LLC bought a new stake in shares of Plug Power Inc. (NASDAQ:PLUG) in the third quarter, Holdings Channel reports. The fund bought 14,000 shares of the electronics maker’s stock, valued at approximately $32,000.

Several other large investors also recently modified their holdings of PLUG. Mosley Wealth Management purchased a new stake in shares of Plug Power during the 1st quarter valued at approximately $35,000. J.W. Cole Advisors Inc. bought a new position in shares of Plug Power in the first quarter valued at approximately $36,000. HighPoint Advisor Group LLC purchased a new position in Plug Power during the fourth quarter valued at approximately $48,000. HBK Sorce Advisory LLC bought a new stake in Plug Power during the 1st quarter worth approximately $37,000. Finally, Nations Financial Group Inc. IA ADV purchased a new stake in Plug Power in the 2nd quarter worth approximately $26,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Trading Up 0.5 %

NASDAQ:PLUG opened at $2.07 on Wednesday. The company has a 50-day moving average price of $2.05 and a 200-day moving average price of $2.56. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -0.86 and a beta of 1.79. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a 12 month low of $1.60 and a 12 month high of $7.90.

Plug Power (NASDAQ:PLUG) last issued 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 return on equity of 47.51% and a negative net margin of 216.80%. The company had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. During the same quarter last year, the business earned ($0.35) earnings per share. The business’s quarterly revenue was down 44.9% on a year-over-year basis. Equities analysts predict that Plug Power Inc. will post -1.15 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PLUG. Truist Financial decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Jefferies Financial Group lowered their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Royal Bank of Canada cut their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Piper Sandler decreased their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Finally, Craig Hallum dropped their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $5.01.

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.