Krane Funds Advisors LLC Lowers Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Krane Funds Advisors LLC lessened its stake in Plug Power Inc. (NASDAQ:PLUG) by 6.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,943 shares of the electronics maker’s stock after selling 27,787 shares during the period. Plug Power makes up about 0.0% of Krane Funds Advisors LLC’s holdings, making the stock its 29th biggest holding. Krane Funds Advisors LLC owned 0.05% of Plug Power worth $937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in PLUG. Norges Bank bought a new position in Plug Power in the fourth quarter valued at $97,800,000. State Board of Administration of Florida Retirement System lifted its position in Plug Power by 5.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after buying an additional 33,311 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in Plug Power by 69.5% in the fourth quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock worth $1,618,000 after buying an additional 147,435 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Plug Power by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after acquiring an additional 102,095 shares during the last quarter. Finally, Gabelli Funds LLC lifted its holdings in shares of Plug Power by 42.9% in the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after acquiring an additional 75,000 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

Plug Power Trading Up 1.0 %

Shares of NASDAQ PLUG opened at $1.96 on Friday. The company has a market cap of $1.72 billion, a PE ratio of -0.82 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The firm’s 50 day moving average price is $2.26 and its 200-day moving average price is $2.75. Plug Power Inc. has a 52-week low of $1.60 and a 52-week high of $8.80.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business’s revenue was down 44.9% compared to the same quarter last year. During the same period last year, the company posted ($0.35) earnings per share. On average, equities research analysts expect that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PLUG shares. Piper Sandler reduced their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Wells Fargo & Company decreased their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Canaccord Genuity Group dropped their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Finally, Craig Hallum lowered their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $5.19.

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.