Bank of America Corp DE lowered its stake in Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 58.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,555,756 shares of the electronics maker's stock after selling 3,535,330 shares during the quarter. Bank of America Corp DE owned about 0.18% of Plug Power worth $5,776,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in PLUG. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in shares of Plug Power by 116.7% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker's stock worth $26,000 after buying an additional 7,000 shares during the period. Sender Co & Partners Inc. acquired a new stake in Plug Power in the 2nd quarter valued at approximately $26,000. DUTCH ASSET Corp acquired a new stake in Plug Power in the 4th quarter valued at approximately $29,000. Independent Advisor Alliance acquired a new position in Plug Power during the 4th quarter worth approximately $30,000. Finally, International Assets Investment Management LLC boosted its position in Plug Power by 53.6% during the 4th quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker's stock worth $31,000 after acquiring an additional 5,503 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.
Analysts Set New Price Targets
PLUG has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 28th. TD Cowen increased their target price on shares of Plug Power from $2.00 to $3.00 and gave the stock a "hold" rating in a report on Tuesday, May 12th. BMO Capital Markets raised their target price on shares of Plug Power from $1.00 to $1.20 and gave the company an "underperform" rating in a research report on Tuesday, May 12th. Wall Street Zen cut shares of Plug Power from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Finally, Susquehanna reduced their price objective on shares of Plug Power from $3.75 to $2.50 and set a "neutral" rating for the company in a research note on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and a consensus target price of $3.59.
Get Our Latest Stock Report on PLUG
Plug Power Stock Down 4.4%
PLUG stock opened at $2.17 on Thursday. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $3.03 billion, a PE ratio of -1.72 and a beta of 2.20. Plug Power, Inc. has a 1-year low of $1.41 and a 1-year high of $4.58. The business's 50 day simple moving average is $2.32 and its 200 day simple moving average is $2.60.
Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The business had revenue of $178.30 million during the quarter, compared to the consensus estimate of $169.11 million. The company's quarterly revenue was up 2.5% compared to the same quarter last year. As a group, research analysts anticipate that Plug Power, Inc. will post -0.26 EPS for the current year.
Plug Power Company Profile
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Free Report)
Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.
In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.
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