Bank of Nova Scotia Trims Position in Plug Power, Inc. (NASDAQ:PLUG)

Key Points

• Bank of Nova Scotia has reduced its stake in Plug Power, Inc. by 56.3%, now holding 171,527 shares valued at $232,000 after selling 220,915 shares in the first quarter.
• Several institutional investors have increased their holdings in Plug Power, including Two Sigma Investments LP, which raised its position by 387.7% in the fourth quarter.
• Analysts have a mixed outlook on Plug Power, with many lowering their price targets and ratings, resulting in a current consensus rating of "Hold" and an average target price of $1.92.

Bank of Nova Scotia lowered its holdings in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 56.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 171,527 shares of the electronics maker's stock after selling 220,915 shares during the period. Bank of Nova Scotia's holdings in Plug Power were worth $232,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Ground Swell Capital LLC acquired a new stake in Plug Power during the 4th quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL raised its stake in Plug Power by 1,182.4% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock worth $31,000 after buying an additional 13,550 shares during the last quarter. Retirement Planning Group LLC NY bought a new position in Plug Power during the fourth quarter worth $38,000. GTS Securities LLC raised its stake in Plug Power by 150.0% during the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker's stock worth $40,000 after buying an additional 56,255 shares during the last quarter. Finally, Miracle Mile Advisors LLC bought a new position in Plug Power during the first quarter worth $26,000. Institutional investors own 43.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Evercore ISI raised shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Morgan Stanley lowered their target price on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research note on Monday, May 19th. Jefferies Financial Group lifted their target price on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Wall Street Zen raised shares of Plug Power to a "sell" rating in a research note on Tuesday, May 13th. Finally, Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and a consensus price target of $1.89.

Insider Buying and Selling at Plug Power

In related news, insider Paul B. Middleton bought 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The stock was purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the transaction, the insider directly owned 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.41% of the stock is owned by corporate insiders.

Plug Power Stock Down 2.5%

NASDAQ PLUG traded down $0.04 on Tuesday, reaching $1.54. The company had a trading volume of 73,798,525 shares, compared to its average volume of 88,127,625. The stock has a market capitalization of $1.77 billion, a P/E ratio of -0.62 and a beta of 2.35. The company's fifty day moving average is $1.42 and its 200 day moving average is $1.34. Plug Power, Inc. has a 52-week low of $0.69 and a 52-week high of $3.32. The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). The firm had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. Sell-side analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

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.