Private Advisor Group LLC Boosts Holdings in Plug Power Inc. (NASDAQ:PLUG)

Private Advisor Group LLC raised its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 53.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,594 shares of the electronics maker’s stock after purchasing an additional 22,770 shares during the period. Private Advisor Group LLC’s holdings in Plug Power were worth $148,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. HBK Sorce Advisory LLC purchased a new position in Plug Power during the first quarter valued at $37,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power in the second quarter worth about $26,000. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the second quarter worth about $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power in the second quarter worth about $28,000. Finally, Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power in the second quarter worth about $29,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Trading Up 1.0 %

Shares of PLUG stock 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 has a market capitalization of $1.81 billion, a P/E ratio of -0.87 and a beta of 1.81. The company has a 50 day moving average price of $2.05 and a 200 day moving average price of $2.42. Plug Power Inc. has a fifty-two week low of $1.60 and a fifty-two week high of $6.33.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The firm’s revenue was down 44.9% compared to the same quarter last year. Equities research analysts predict that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group decreased their price target on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock 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. Jefferies Financial Group decreased their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. 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 research note on Monday, August 12th. Finally, 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 research note on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $5.01.

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.