Avantax Planning Partners Inc. Raises Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Avantax Planning Partners Inc. increased its stake in Plug Power Inc. (NASDAQ:PLUG) by 54.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,722 shares of the electronics maker’s stock after acquiring an additional 6,561 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Plug Power were worth $40,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. QRG Capital Management Inc. purchased a new stake in shares of Plug Power during the third quarter worth $204,000. Amalgamated Bank boosted its holdings in shares of Plug Power by 36.6% during the 3rd quarter. Amalgamated Bank now owns 25,444 shares of the electronics maker’s stock worth $58,000 after purchasing an additional 6,822 shares during the last quarter. Sigma Planning Corp grew its position in shares of Plug Power by 26.4% in the third quarter. Sigma Planning Corp now owns 42,367 shares of the electronics maker’s stock valued at $96,000 after purchasing an additional 8,837 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its holdings in shares of 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 valued at $36,000 after purchasing an additional 4,700 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Plug Power by 17.3% during the third quarter. Victory Capital Management Inc. now owns 103,382 shares of the electronics maker’s stock worth $234,000 after buying an additional 15,280 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

PLUG has been the subject of several analyst reports. BMO Capital Markets dropped their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. HC Wainwright reduced their price target on Plug Power from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Craig Hallum reduced their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, Piper Sandler reduced their price target on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a report on Wednesday, March 5th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2.34.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.66 on Thursday. The company has a market cap of $1.54 billion, a P/E ratio of -0.78 and a beta of 1.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The stock has a 50-day moving average of $2.02 and a two-hundred day moving average of $2.09. Plug Power Inc. has a 1-year low of $1.37 and a 1-year high of $4.90.

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.