Virtu Financial LLC Raises Position in Plug Power, Inc. (NASDAQ:PLUG)

Virtu Financial LLC grew its position in Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 979.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 869,883 shares of the electronics maker's stock after acquiring an additional 789,297 shares during the period. Virtu Financial LLC owned about 0.09% of Plug Power worth $1,174,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. 49 Wealth Management LLC boosted its holdings in Plug Power by 25.0% during the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after buying an additional 5,834 shares in the last quarter. Guggenheim Capital LLC raised its position in Plug Power by 13.0% during the fourth quarter. Guggenheim Capital LLC now owns 65,352 shares of the electronics maker's stock worth $139,000 after acquiring an additional 7,539 shares during the last quarter. Summit Investment Advisors Inc. raised its position in Plug Power by 10.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 83,426 shares of the electronics maker's stock worth $178,000 after acquiring an additional 7,999 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in Plug Power by 21.0% during the fourth quarter. Itau Unibanco Holding S.A. now owns 47,518 shares of the electronics maker's stock worth $101,000 after acquiring an additional 8,255 shares during the last quarter. Finally, Gabelli Funds LLC raised its position in Plug Power by 2.7% during the fourth quarter. Gabelli Funds LLC now owns 385,000 shares of the electronics maker's stock worth $820,000 after acquiring an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company's stock.

Plug Power Stock Performance

Shares of PLUG stock opened at $1.60 on Tuesday. Plug Power, Inc. has a one year low of $0.69 and a one year high of $3.32. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95. The company has a 50 day moving average price of $1.42 and a 200 day moving average price of $1.34. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -0.65 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. The company had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Sell-side analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Transactions at Plug Power

In other Plug Power news, insider Paul B. Middleton acquired 650,000 shares of the firm's stock in a transaction on Monday, June 9th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the purchase, the insider directly owned 2,558,064 shares in the company, valued at $2,634,805.92. This represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.41% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on PLUG. Piper Sandler cut their target price on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Wells Fargo & Company cut their target price on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 14th. Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Finally, Canaccord Genuity Group cut their price objective on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research report on Tuesday, May 13th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Plug Power has a consensus rating of "Hold" and an average price target of $1.92.

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.

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