Rhumbline Advisers Lowers Stock Position in Plug Power, Inc. $PLUG

Key Points

• Rhumbline Advisers reduced its stake in Plug Power, Inc. by 11.7%, now holding approximately 1,122,344 shares worth $1.52 million after selling 149,332 shares in the first quarter.
• Analysts have issued mixed ratings and price target adjustments for Plug Power, with BMO Capital Markets lowering its target from $1.10 to $1.00, while Susquehanna raised its target from $1.00 to $1.80.
• Plug Power reported revenues of $173.97 million for the last quarter, surpassing estimates, but reported a negative EPS of ($0.16), missing consensus expectations of ($0.15).

Rhumbline Advisers cut its holdings in Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 11.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,122,344 shares of the electronics maker's stock after selling 149,332 shares during the period. Rhumbline Advisers owned about 0.10% of Plug Power worth $1,515,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Deutsche Bank AG raised its position in shares of Plug Power by 88.3% during the 4th quarter. Deutsche Bank AG now owns 978,101 shares of the electronics maker's stock worth $2,083,000 after acquiring an additional 458,706 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Plug Power by 0.8% during the fourth quarter. Nuveen Asset Management LLC now owns 2,771,821 shares of the electronics maker's stock worth $5,904,000 after purchasing an additional 23,194 shares in the last quarter. ProShare Advisors LLC raised its holdings in Plug Power by 58.0% during the fourth quarter. ProShare Advisors LLC now owns 282,026 shares of the electronics maker's stock worth $601,000 after purchasing an additional 103,543 shares in the last quarter. Toronto Dominion Bank purchased a new stake in shares of Plug Power during the 4th quarter worth approximately $270,000. Finally, Tidal Investments LLC boosted its holdings in shares of Plug Power by 4.9% in the 4th quarter. Tidal Investments LLC now owns 508,889 shares of the electronics maker's stock valued at $1,084,000 after buying an additional 23,719 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a research report on Thursday, August 14th. BMO Capital Markets reduced their target price on Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a report on Tuesday, August 12th. Jefferies Financial Group upped their target price on Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Evercore ISI raised Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Finally, Susquehanna boosted their price objective on Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research note on Monday, July 21st. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, Plug Power presently has a consensus rating of "Reduce" and an average price target of $1.88.

Plug Power Stock Performance

PLUG traded up $0.47 on Monday, hitting $2.65. 208,070,580 shares of the company traded hands, compared to its average volume of 56,217,480. Plug Power, Inc. has a 12-month low of $0.69 and a 12-month high of $3.32. The company has a 50 day moving average of $1.64 and a 200-day moving average of $1.32. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $3.06 billion, a PE ratio of -1.15 and a beta of 2.09.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results 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 net margin of 292.84% and a negative return on equity of 90.22%. The company had revenue of $173.97 million during the quarter, compared to analyst estimates of $157.97 million. Sell-side analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current 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.