Plug Power Inc. (NASDAQ:PLUG) Shares Purchased by MinichMacGregor Wealth Management LLC

MinichMacGregor Wealth Management LLC raised its stake in Plug Power Inc. (NASDAQ:PLUG) by 32.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,603 shares of the electronics maker’s stock after acquiring an additional 8,711 shares during the quarter. MinichMacGregor Wealth Management LLC’s holdings in Plug Power were worth $80,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Swedbank AB acquired a new position in shares of Plug Power in the 1st quarter valued at $10,687,000. SG Americas Securities LLC raised its position in shares of Plug Power by 134.0% in the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after acquiring an additional 1,407,858 shares during the period. Vontobel Holding Ltd. boosted its stake in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after acquiring an additional 1,036,777 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

Shares of Plug Power stock remained flat at $2.51 during trading hours on Tuesday. The stock had a trading volume of 35,811,232 shares, compared to its average volume of 39,801,340. The company has a market cap of $2.21 billion, a PE ratio of -1.07 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. Plug Power Inc. has a twelve month low of $1.60 and a twelve month high of $6.74. The company’s fifty day simple moving average is $2.04 and its two-hundred day simple moving average is $2.43.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.35) EPS. On average, sell-side analysts expect that Plug Power Inc. will post -1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on PLUG shares. Craig Hallum dropped their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Piper Sandler dropped their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Wells Fargo & Company reduced their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Susquehanna lowered their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Finally, Canaccord Genuity Group reduced their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.01.

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.