Pinnacle Associates Ltd. Has $3.60 Million Stock Position in Plug Power, Inc. $PLUG

Key Points

• Pinnacle Associates Ltd. has reduced its stake in Plug Power, Inc. by 21.6%, now holding approximately 2.41 million shares valued at $3.60 million.
• Plug Power reported a loss of $0.16 earnings per share for the last quarter, missing analysts' expectations and showing a negative return on equity of 90.22%.
• Analyst ratings for Plug Power show a variety of sentiments, with a consensus rating of "Hold" and a price target averaging $2.54.

Pinnacle Associates Ltd. lowered its stake in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 21.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,412,805 shares of the electronics maker's stock after selling 665,151 shares during the period. Pinnacle Associates Ltd. owned approximately 0.21% of Plug Power worth $3,595,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. O ROURKE & COMPANY Inc acquired a new position in shares of Plug Power during the second quarter valued at about $30,000. Abel Hall LLC acquired a new position in shares of Plug Power during the second quarter valued at about $30,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Plug Power during the first quarter valued at about $28,000. Freedom Investment Management Inc. acquired a new position in shares of Plug Power during the second quarter valued at about $32,000. Finally, Avidian Wealth Enterprises LLC raised its holdings in shares of Plug Power by 45.4% during the second quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker's stock valued at $36,000 after purchasing an additional 7,500 shares during the period. Institutional investors and hedge funds own 43.48% of the company's stock.

Plug Power Trading Up 1.5%

Shares of PLUG stock opened at $2.69 on Friday. Plug Power, Inc. has a 52-week low of $0.69 and a 52-week high of $4.58. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The company has a 50-day simple moving average of $2.51 and a two-hundred day simple moving average of $1.67. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of -1.16 and a beta of 2.23.

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). Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The firm had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. Research analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Analyst Ratings Changes

PLUG has been the subject of several recent research reports. Jefferies Financial Group boosted their target price on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Evercore ISI raised shares of Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Morgan Stanley reissued an "underweight" rating and set a $1.50 target price on shares of Plug Power in a research report on Thursday, October 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of Plug Power in a research report on Wednesday, October 8th. Finally, Hsbc Global Res raised shares of Plug Power to a "strong-buy" rating in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.54.

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.

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