Quadrature Capital Ltd Sells 242,042 Shares of Plug Power Inc. (NASDAQ:PLUG)

Quadrature Capital Ltd trimmed its stake in Plug Power Inc. (NASDAQ:PLUG) by 67.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 119,425 shares of the electronics maker’s stock after selling 242,042 shares during the period. Quadrature Capital Ltd’s holdings in Plug Power were worth $270,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PLUG. Nations Financial Group Inc. IA ADV raised its holdings in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after purchasing an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors raised its stake in shares of Plug Power by 18.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after acquiring an additional 5,075 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares during the last quarter. Catalyst Capital Advisors LLC boosted its stake in Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares in the last quarter. Finally, Millburn Ridgefield Corp grew its holdings in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Evercore ISI cut their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Finally, Jefferies Financial Group cut their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $2.51 on Wednesday. The company has a market capitalization of $2.29 billion, a PE ratio of -1.17 and a beta of 1.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company’s fifty day moving average price is $2.13 and its 200 day moving average price is $2.31. Plug Power Inc. has a 1 year low of $1.60 and a 1 year high of $5.14.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.47) earnings per share. On average, research analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current year.

Plug Power 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.