Van ECK Associates Corp Raises Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

Van ECK Associates Corp lifted its stake in shares of Plug Power Inc. (NASDAQ:PLUG - Free Report) by 50.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,684,356 shares of the electronics maker's stock after buying an additional 897,431 shares during the quarter. Van ECK Associates Corp owned about 0.44% of Plug Power worth $12,080,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PLUG. Millburn Ridgefield Corp bought a new position in Plug Power during the 3rd quarter worth $29,000. Exchange Traded Concepts LLC lifted its stake in Plug Power by 30.3% during the third quarter. Exchange Traded Concepts LLC now owns 6,486 shares of the electronics maker's stock worth $49,000 after purchasing an additional 1,510 shares during the last quarter. FAS Wealth Partners Inc. acquired a new stake in shares of Plug Power in the 4th quarter valued at $45,000. Signaturefd LLC lifted its position in shares of Plug Power by 114.3% during the 3rd quarter. Signaturefd LLC now owns 10,256 shares of the electronics maker's stock worth $78,000 after buying an additional 5,471 shares during the last quarter. Finally, Forum Financial Management LP bought a new position in Plug Power in the third quarter valued at about $79,000. Institutional investors and hedge funds own 43.48% of the company's stock.

Plug Power Stock Up 11.8 %

Plug Power stock traded up $0.29 during trading on Friday, hitting $2.74. 44,005,132 shares of the company were exchanged, compared to its average volume of 39,973,707. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. The business's 50 day moving average is $3.15 and its 200 day moving average is $4.02. Plug Power Inc. has a 52 week low of $2.25 and a 52 week high of $13.44. The company has a market capitalization of $1.91 billion, a P/E ratio of -1.17 and a beta of 1.64.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The firm had revenue of $222.20 million for the quarter, compared to analysts' expectations of $234.21 million. During the same quarter last year, the firm posted ($0.38) earnings per share. The firm's revenue for the quarter was up .7% compared to the same quarter last year. Analysts predict that Plug Power Inc. will post -0.94 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PLUG has been the subject of a number of research analyst reports. Seaport Res Ptn cut shares of Plug Power from a "buy" rating to a "neutral" rating in a research report on Tuesday, February 6th. Redburn Atlantic began coverage on Plug Power in a report on Tuesday, February 6th. They issued a "neutral" rating and a $4.50 target price for the company. BMO Capital Markets lowered Plug Power from a "market perform" rating to an "underperform" rating and cut their price target for the company from $3.50 to $2.50 in a research note on Wednesday, January 24th. Truist Financial upped their price objective on Plug Power from $3.00 to $4.00 and gave the company a "hold" rating in a research note on Wednesday, February 28th. Finally, Piper Sandler boosted their target price on shares of Plug Power from $2.80 to $2.90 and gave the stock an "underweight" rating in a report on Tuesday, March 5th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $6.05.

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.