Eastern Bank Acquires Shares of 23,625 Plug Power Inc. (NASDAQ:PLUG)

Eastern Bank purchased a new position in shares of Plug Power Inc. (NASDAQ:PLUG) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 23,625 shares of the electronics maker’s stock, valued at approximately $53,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PLUG. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power in the 2nd quarter worth about $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power in the 2nd quarter worth about $26,000. Aire Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at about $28,000. Madison Park Capital Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at about $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at about $29,000. 43.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PLUG has been the topic of a number of recent research reports. Craig Hallum reduced their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Wells Fargo & Company reduced their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Royal Bank of Canada reduced their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Canaccord Genuity Group dropped their price objective 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. Finally, 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 research note on Monday, July 22nd. Four investment 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.01.

Plug Power Stock Up 0.9 %

Shares of NASDAQ:PLUG opened at $2.15 on Friday. 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 $6.95. The company has a 50 day moving average of $2.04 and a two-hundred day moving average of $2.46. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -0.91 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (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 firm had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same period last year, the business earned ($0.35) EPS. The firm’s revenue was down 44.9% compared to the same quarter last year. As a group, analysts forecast that Plug Power Inc. will post -1.16 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.