Zurcher Kantonalbank Zurich Cantonalbank Decreases Stock Position in Plug Power, Inc. $PLUG

Key Points

• Zurcher Kantonalbank trimmed its position in Plug Power by 19.3%, selling 411,333 shares and leaving a stake of 1,715,056 shares (about 0.12% of the company) valued at roughly $3.38 million.
• Plug Power beat quarterly estimates (EPS -$0.06 vs. consensus -$0.10, revenue $225.2M vs. $217.4M) but remains unprofitable with a negative net margin of 229.83% and negative ROE; the stock has a market cap of about $4.38B and a 52-week range of $0.69–$4.58.
• Analysts are mixed—the consensus rating is Hold with an average price target of $3.03—and institutional investors own about 43.48% of the shares, with some recent downgrades and lower price targets from firms like Jefferies and BMO.

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 19.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,715,056 shares of the electronics maker's stock after selling 411,333 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.12% of Plug Power worth $3,379,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sender Co & Partners Inc. purchased a new position in shares of Plug Power in the second quarter valued at approximately $26,000. Kovack Advisors Inc. acquired a new stake in shares of Plug Power in the third quarter valued at about $26,000. Yousif Capital Management LLC acquired a new stake in shares of Plug Power in the third quarter valued at about $27,000. Prakash Investment Advisors LLC acquired a new stake in shares of Plug Power in the third quarter valued at about $27,000. Finally, Procyon Advisors LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

Plug Power Stock Performance

NASDAQ:PLUG opened at $3.14 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.46 and a current ratio of 2.31. The stock has a market capitalization of $4.38 billion, a P/E ratio of -2.33 and a beta of 1.79. The company has a 50 day moving average price of $2.37 and a 200 day moving average price of $2.40. Plug Power, Inc. has a fifty-two week low of $0.69 and a fifty-two week high of $4.58.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The electronics maker reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.04. The firm had revenue of $225.22 million during the quarter, compared to analysts' expectations of $217.38 million. Plug Power had a negative net margin of 229.83% and a negative return on equity of 45.97%. During the same quarter last year, the company posted ($1.48) EPS. Equities research analysts forecast that Plug Power, Inc. will post -0.32 EPS for the current year.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent research reports. Jefferies Financial Group reduced their target price on shares of Plug Power from $2.00 to $1.80 and set a "hold" rating for the company in a research report on Monday, March 9th. BMO Capital Markets restated an "underperform" rating and issued a $1.00 price target on shares of Plug Power in a research report on Tuesday, March 3rd. Clear Str upgraded Plug Power from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, December 31st. Oppenheimer restated a "market perform" rating on shares of Plug Power in a research report on Tuesday, March 3rd. Finally, BTIG Research reissued a "neutral" rating on shares of Plug Power in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $3.03.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.

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