Intech Investment Management LLC Sells 143,446 Shares of Plug Power, Inc. $PLUG

Key Points

• Intech Investment Management cut its Plug Power stake by 28.6% in Q2, selling 143,446 shares and leaving 357,959 shares valued at about $533,000.
• Wall Street is divided on PLUG with a consensus rating of Hold and a $2.80 average price target (1 Strong Buy, 5 Buy, 6 Hold, 6 Sell).
• Plug Power's most recent quarter (reported Nov. 10) showed EPS of ($0.12) which beat estimates by $0.01, but revenue of $177.1M missed expectations and the company remains unprofitable with negative ROE and net margin.

Intech Investment Management LLC reduced its stake in Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 28.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 357,959 shares of the electronics maker's stock after selling 143,446 shares during the period. Intech Investment Management LLC's holdings in Plug Power were worth $533,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Private Advisor Group LLC lifted its stake in Plug Power by 29.8% in the first quarter. Private Advisor Group LLC now owns 81,453 shares of the electronics maker's stock valued at $110,000 after buying an additional 18,719 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Plug Power in the 1st quarter valued at about $34,000. Banque Cantonale Vaudoise acquired a new stake in shares of Plug Power in the 1st quarter valued at approximately $115,000. XTX Topco Ltd raised its position in shares of Plug Power by 270.9% in the 1st quarter. XTX Topco Ltd now owns 356,260 shares of the electronics maker's stock valued at $481,000 after acquiring an additional 260,216 shares during the period. Finally, Baader Bank Aktiengesellschaft bought a new position in Plug Power during the 1st quarter worth approximately $28,000. 43.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Plug Power

In other news, EVP Benjamin Haycraft sold 10,000 shares of Plug Power stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $2.92, for a total value of $29,200.00. Following the sale, the executive vice president directly owned 467,583 shares in the company, valued at $1,365,342.36. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PLUG shares. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Plug Power in a report on Monday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Plug Power in a research note on Wednesday, October 8th. Morgan Stanley reissued an "underweight" rating and issued a $1.50 target price on shares of Plug Power in a research note on Thursday, October 16th. Susquehanna lowered their price target on Plug Power from $3.50 to $2.50 and set a "neutral" rating for the company in a report on Monday, November 17th. Finally, Wall Street Zen cut Plug Power from a "hold" rating to a "sell" rating in a report on Sunday, November 16th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $2.80.

Plug Power Stock Performance

PLUG opened at $2.02 on Friday. The business's 50-day moving average price is $2.77 and its two-hundred day moving average price is $1.86. Plug Power, Inc. has a 1 year low of $0.69 and a 1 year high of $4.58. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -0.87 and a beta of 2.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.01. The company had revenue of $177.06 million during the quarter, compared to analysts' expectations of $185.41 million. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. Plug Power has set its FY 2025 guidance at EPS. Equities analysts expect that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

About Plug Power

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.

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