Itau Unibanco Holding S.A. Acquires New Holdings in Plug Power Inc. (NASDAQ:PLUG)

Itau Unibanco Holding S.A. bought a new position in Plug Power Inc. (NASDAQ:PLUG) in the 2nd quarter, Holdings Channel.com reports. The fund bought 39,263 shares of the electronics maker’s stock, valued at approximately $91,000.

Several other large investors also recently added to or reduced their stakes in the business. SteelPeak Wealth LLC bought a new stake in Plug Power in the second quarter worth $26,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power during the second quarter valued at about $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power in the 2nd quarter worth approximately $28,000. Madison Park Capital Advisors LLC bought a new position in Plug Power in the second quarter worth $29,000. Finally, Profund Advisors LLC bought a new position in shares of Plug Power during the 2nd quarter worth about $29,000. 43.48% of the stock is owned by institutional investors.

Plug Power Trading Down 5.8 %

PLUG stock opened at $1.94 on Monday. The company’s 50-day simple moving average is $2.18 and its 200 day simple moving average is $2.68. Plug Power Inc. has a 52 week low of $1.60 and a 52 week high of $7.95. The company has a market capitalization of $1.44 billion, a PE ratio of -0.81 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07.

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 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 company had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same quarter last year, the firm posted ($0.35) earnings per share. The company’s quarterly revenue was down 44.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.15 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on PLUG. Wells Fargo & Company lowered their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. 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. Royal Bank of Canada lowered their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Canaccord Genuity Group cut their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.19.

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.