Plug Power Inc. (PLUG) Sees Large Growth in Short Interest
Plug Power Inc. (NASDAQ:PLUG) was the recipient of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 31,682,930 shares, an increase of 4.4% from the August 31st total of 30,333,435 shares. Based on an average daily volume of 2,264,957 shares, the short-interest ratio is presently 14.0 days. Currently, 17.7% of the shares of the company are sold short.
Several brokerages recently issued reports on PLUG. Roth Capital raised their target price on shares of Plug Power from $1.75 to $2.00 and gave the stock a “neutral” rating in a report on Monday, August 15th. FBR & Co reissued an “outperform” rating and set a $3.00 target price on shares of Plug Power in a report on Monday, August 8th. Zacks Investment Research raised shares of Plug Power from a “sell” rating to a “hold” rating in a report on Friday, July 29th. Finally, Vetr cut shares of Plug Power from a “strong-buy” rating to a “buy” rating and set a $2.16 target price for the company. in a report on Monday, June 6th.
Plug Power (NASDAQ:PLUG) opened at 1.71 on Friday. The stock’s market cap is $308.37 million. Plug Power has a 12-month low of $1.30 and a 12-month high of $2.98. The firm has a 50-day moving average of $1.59 and a 200-day moving average of $1.81.
Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $0.01. Plug Power had a negative net margin of 57.17% and a negative return on equity of 30.92%. The firm earned $20.50 million during the quarter, compared to analysts’ expectations of $25.32 million. During the same period in the prior year, the company posted ($0.06) earnings per share. The company’s revenue for the quarter was down 14.8% on a year-over-year basis. Equities analysts predict that Plug Power will post ($0.24) earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in PLUG. BlackRock Fund Advisors increased its stake in shares of Plug Power by 6.4% in the second quarter. BlackRock Fund Advisors now owns 4,703,322 shares of the company’s stock worth $8,748,000 after buying an additional 282,421 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Plug Power by 4.0% in the second quarter. Vanguard Group Inc. now owns 6,633,920 shares of the company’s stock valued at $12,339,000 after buying an additional 256,634 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Plug Power by 4.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,499,512 shares of the company’s stock valued at $8,369,000 after buying an additional 210,460 shares during the last quarter. A.R.T. Advisors LLC bought a new position in shares of Plug Power during the second quarter valued at about $259,000. Finally, State Street Corp boosted its position in shares of Plug Power by 3.8% in the first quarter. State Street Corp now owns 2,728,320 shares of the company’s stock valued at $5,594,000 after buying an additional 100,883 shares during the last quarter. 18.19% of the stock is currently owned by institutional investors.
About Plug Power
Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.
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