Plug Power, Inc. $PLUG Position Reduced by Hsbc Holdings PLC

Hsbc Holdings PLC decreased its position in shares of Plug Power, Inc. (NASDAQ:PLUG) by 51.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 435,975 shares of the electronics maker’s stock after selling 463,014 shares during the period. Hsbc Holdings PLC’s holdings in Plug Power were worth $985,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Plug Power by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock worth $255,311,000 after buying an additional 19,967,339 shares in the last quarter. Renaissance Technologies LLC bought a new position in Plug Power during the fourth quarter valued at about $27,684,000. Two Sigma Investments LP boosted its stake in Plug Power by 292.1% during the third quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock valued at $25,236,000 after buying an additional 8,068,713 shares in the last quarter. Graham Capital Management L.P. grew its holdings in Plug Power by 110.7% during the fourth quarter. Graham Capital Management L.P. now owns 737,112 shares of the electronics maker’s stock worth $1,452,000 after acquiring an additional 7,640,212 shares during the period. Finally, State Street Corp grew its holdings in Plug Power by 29.9% during the fourth quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock worth $63,549,000 after acquiring an additional 7,416,943 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLUG has been the subject of a number of research analyst reports. BMO Capital Markets upped their price target on shares of Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a report on Tuesday, May 12th. Wall Street Zen cut shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Wells Fargo & Company boosted their target price on shares of Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. B. Riley Financial increased their target price on shares of Plug Power from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, Susquehanna reduced their target price on shares of Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.30.

Plug Power Trading Down 4.9%

Shares of NASDAQ PLUG opened at $1.96 on Wednesday. Plug Power, Inc. has a 12 month low of $1.39 and a 12 month high of $4.58. The company has a market cap of $2.73 billion, a price-to-earnings ratio of -1.48 and a beta of 2.16. The company has a quick ratio of 1.40, a current ratio of 2.36 and a debt-to-equity ratio of 0.89. The business has a fifty day simple moving average of $2.84 and a 200-day simple moving average of $2.61.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $163.51 million for the quarter, compared to analysts’ expectations of $139.87 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.Plug Power’s revenue was up 22.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) EPS. Sell-side analysts predict that Plug Power, Inc. will post -0.25 EPS for the current year.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.