First Trust Advisors LP Sells 1,390,455 Shares of Plug Power, Inc. $PLUG

Key Points

• First Trust Advisors LP cut its Plug Power stake by 27.4%, selling 1.39 million shares and retaining 3.68 million shares valued at approximately $8.3 million. Institutional investors collectively own 43.48% of the company.
• Plug Power reported a quarterly loss of $0.08 per share, slightly better than analysts’ expectations, while revenue rose 22.3% year over year to $163.51 million. Despite the revenue growth, the company posted a negative net margin of 227.13%.
• Analyst sentiment remains mixed, with the stock holding an overall “Hold” rating and an average price target of $3.30; PLUG shares opened at $2.06, within a 52-week range of $1.39 to $4.58.

First Trust Advisors LP lessened its position in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 27.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,677,307 shares of the electronics maker's stock after selling 1,390,455 shares during the quarter. First Trust Advisors LP owned approximately 0.26% of Plug Power worth $8,311,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Plug Power by 116.7% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker's stock worth $26,000 after purchasing an additional 7,000 shares during the period. Sender Co & Partners Inc. acquired a new stake in shares of Plug Power during the second quarter worth $26,000. DUTCH ASSET Corp acquired a new stake in shares of Plug Power during the fourth quarter worth $29,000. Independent Advisor Alliance bought a new position in Plug Power during the fourth quarter worth $30,000. Finally, International Assets Investment Management LLC raised its stake in Plug Power by 53.6% during the fourth quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker's stock worth $31,000 after buying an additional 5,503 shares during the last quarter. Institutional investors own 43.48% of the company's stock.

Plug Power Stock Performance

Shares of PLUG opened at $2.06 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The stock has a 50 day moving average price of $2.75 and a two-hundred day moving average price of $2.61. The firm has a market capitalization of $2.87 billion, a P/E ratio of -1.56 and a beta of 2.16. Plug Power, Inc. has a 52 week low of $1.39 and a 52 week high of $4.58.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. The company had revenue of $163.51 million for the quarter, compared to analyst estimates of $139.87 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The company's revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) earnings per share. Equities analysts forecast that Plug Power, Inc. will post -0.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Weiss Ratings cut shares of Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday. Wells Fargo & Company increased their price target on Plug Power from $2.00 to $2.50 and gave the stock an "equal weight" rating in a report on Tuesday, May 19th. Wall Street Zen lowered Plug Power from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. B. Riley Financial boosted their price objective on Plug Power from $3.00 to $5.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Finally, Canaccord Genuity Group upped their target price on Plug Power from $2.50 to $4.00 and gave the company a "hold" rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $3.30.

About Plug Power

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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