Pinnacle Associates Ltd. Trims Position in Plug Power, Inc. (NASDAQ:PLUG)

Pinnacle Associates Ltd. cut its holdings in shares of Plug Power, Inc. (NASDAQ:PLUG) by 2.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 3,077,956 shares of the electronics maker’s stock after selling 79,750 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Plug Power were worth $4,155,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PLUG. Miracle Mile Advisors LLC bought a new stake in shares of Plug Power during the first quarter valued at approximately $26,000. Ground Swell Capital LLC bought a new stake in shares of Plug Power during the fourth quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL boosted its position in shares of Plug Power by 1,182.4% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker’s stock valued at $31,000 after purchasing an additional 13,550 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Plug Power by 53.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after purchasing an additional 5,348 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Plug Power during the first quarter valued at approximately $34,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction dated Monday, June 9th. The shares were purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the acquisition, the insider directly owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.41% of the stock is currently owned by insiders.

Plug Power Trading Up 4.0%

Shares of NASDAQ:PLUG opened at $1.84 on Friday. The company has a market cap of $2.11 billion, a P/E ratio of -0.74 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. Plug Power, Inc. has a 1 year low of $0.69 and a 1 year high of $3.32. The stock’s fifty day moving average price is $1.26 and its 200-day moving average price is $1.43.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The business had revenue of $133.67 million for the quarter, compared to the consensus estimate of $130.92 million. Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. Sell-side analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Susquehanna lifted their price target on Plug Power from $1.00 to $1.80 and gave the company a “neutral” rating in a research report on Monday, July 21st. Wells Fargo & Company dropped their price target on Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 14th. Piper Sandler dropped their price target on Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a research report on Wednesday, May 14th. Roth Capital reissued a “buy” rating on shares of Plug Power in a report on Tuesday, May 13th. Finally, Morgan Stanley dropped their target price on Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a report on Monday, May 19th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $1.92.

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.