Plug Power, Inc. (PLUG) Short Interest Update
Plug Power, Inc. (NASDAQ:PLUG) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 41,863,188 shares, an increase of 4.7% from the July 31st total of 39,976,219 shares. Based on an average trading volume of 4,479,458 shares, the days-to-cover ratio is currently 9.3 days. Currently, 18.8% of the company’s shares are short sold.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Plug Power by 7.2% in the fourth quarter. State Street Corp now owns 2,984,022 shares of the electronics maker’s stock worth $3,578,000 after buying an additional 199,300 shares during the last quarter. Teachers Advisors LLC boosted its position in Plug Power by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 385,028 shares of the electronics maker’s stock worth $462,000 after buying an additional 6,680 shares during the last quarter. Nationwide Fund Advisors boosted its position in Plug Power by 4.6% in the first quarter. Nationwide Fund Advisors now owns 117,225 shares of the electronics maker’s stock worth $162,000 after buying an additional 5,127 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Plug Power by 14.1% in the first quarter. Bank of New York Mellon Corp now owns 783,035 shares of the electronics maker’s stock worth $1,080,000 after buying an additional 96,793 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in Plug Power during the first quarter worth approximately $154,000. Institutional investors own 23.79% of the company’s stock.
Shares of Plug Power (NASDAQ PLUG) opened at 2.13 on Thursday. The company’s 50-day moving average price is $2.17 and its 200-day moving average price is $1.85. Plug Power has a 1-year low of $0.83 and a 1-year high of $2.70. The company’s market capitalization is $478.67 million.
Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.03. The firm had revenue of $22.60 million during the quarter, compared to analysts’ expectations of $28.58 million. Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.04) EPS. On average, equities analysts expect that Plug Power will post ($0.32) earnings per share for the current fiscal year.
A number of analysts have recently commented on the company. FBR & Co set a $3.00 price target on Plug Power and gave the company an “outperform” rating in a research note on Wednesday, May 10th. Roth Capital cut Plug Power from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $2.25 to $1.30 in a research note on Wednesday, May 17th. Zacks Investment Research raised Plug Power from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a research note on Friday, July 28th. HC Wainwright set a $4.00 target price on Plug Power and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Finally, Cowen and Company set a $3.00 target price on Plug Power and gave the stock a “buy” rating in a research note on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $2.83.
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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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