Virtu Financial LLC Acquires 789,297 Shares of Plug Power, Inc. (NASDAQ:PLUG)

Key Points

• Virtu Financial LLC increased its stake in Plug Power, Inc. by 979.4%, acquiring an additional 789,297 shares during the first quarter, bringing its total holdings to approximately 869,883 shares valued at $1.17 million.
• Plug Power recently reported a loss of $0.21 EPS for the quarter, missing estimates, while revenues were $133.67 million, surpassing analyst expectations.
• Analysts have varied opinions on Plug Power, with target price adjustments including Piper Sandler's cut to $0.80 and Roth Capital maintaining a "buy" rating, indicating a consensus rating of "Hold."

Virtu Financial LLC grew its stake in shares of 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 firm owned 869,883 shares of the electronics maker's stock after buying an additional 789,297 shares during the period. Virtu Financial LLC owned 0.09% of Plug Power worth $1,174,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PLUG. Ground Swell Capital LLC purchased a new position in shares of Plug Power during the fourth quarter worth about $27,000. Strategic Investment Solutions Inc. IL grew its holdings in shares of Plug Power by 1,182.4% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock worth $31,000 after purchasing an additional 13,550 shares in the last quarter. Retirement Planning Group LLC NY purchased a new position in shares of Plug Power during the fourth quarter worth about $38,000. GTS Securities LLC grew its holdings in shares of Plug Power by 150.0% during the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker's stock worth $40,000 after purchasing an additional 56,255 shares in the last quarter. Finally, Miracle Mile Advisors LLC purchased a new position in shares of Plug Power during the first quarter worth about $26,000. 43.48% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PLUG has been the subject of several recent analyst reports. Piper Sandler cut their price objective on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a report on Wednesday, May 14th. Morgan Stanley cut their price objective on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a report on Monday, May 19th. Susquehanna upped their target price on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Wells Fargo & Company reaffirmed a "positive" rating and issued a $1.50 target price on shares of Plug Power in a research note on Thursday. Finally, Jefferies Financial Group upped their target price on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Plug Power has a consensus rating of "Hold" and an average price target of $1.88.

Insider Buying and Selling at Plug Power

In related news, insider Paul B. Middleton acquired 650,000 shares of the company's stock in a transaction dated Monday, June 9th. The stock was purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.41% of the company's stock.

Plug Power Trading Down 1.5%

Shares of NASDAQ:PLUG traded down $0.03 during trading on Friday, reaching $1.63. 15,916,286 shares of the company traded hands, compared to its average volume of 87,247,773. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -0.71 and a beta of 2.35. Plug Power, Inc. has a 52-week low of $0.69 and a 52-week high of $3.32. The company has a current ratio of 1.59, a quick ratio of 1.07 and a debt-to-equity ratio of 0.22. The business's fifty day moving average is $1.46 and its 200-day moving average is $1.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). The company had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. As a group, analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current year.

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.