First Trust Advisors LP Lowers Stock Position in Plug Power, Inc. $PLUG

First Trust Advisors LP reduced its position in shares of Plug Power, Inc. (NASDAQ:PLUG) by 27.4% during the first quarter, Holdings Channel reports. The firm owned 3,677,307 shares of the electronics maker’s stock after selling 1,390,455 shares during the period. First Trust Advisors LP’s holdings in Plug Power were worth $8,311,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Plug Power by 12.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock valued at $3,520,000 after buying an additional 297,754 shares during the last quarter. Focus Partners Wealth bought a new position in shares of Plug Power during the 1st quarter worth approximately $37,000. JPMorgan Chase & Co. boosted its stake in shares of Plug Power by 6.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,504,744 shares of the electronics maker’s stock worth $2,242,000 after buying an additional 95,876 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Plug Power by 87.2% in the 2nd quarter. Prudential Financial Inc. now owns 111,945 shares of the electronics maker’s stock worth $167,000 after buying an additional 52,135 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Plug Power by 24.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 73,084 shares of the electronics maker’s stock valued at $109,000 after acquiring an additional 14,471 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of research analyst reports. Wall Street Zen downgraded Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. TD Cowen boosted their price objective on Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. BMO Capital Markets upped their price objective on Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research note on Tuesday, May 12th. Morgan Stanley raised their target price on Plug Power from $1.50 to $1.65 and gave the company an “underweight” rating in a research report on Thursday, July 9th. Finally, B. Riley Financial lifted their target price on Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and an average price target of $3.30.

Plug Power Trading Down 1.4%

Shares of PLUG opened at $2.06 on Friday. Plug Power, Inc. has a twelve month low of $1.39 and a twelve month high of $4.58. The stock has a market cap of $2.87 billion, a PE ratio of -1.56 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’s 50-day moving average price is $2.75 and its 200-day moving average price is $2.61.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $163.51 million during the quarter, compared to analyst estimates of $139.87 million. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. Plug Power’s revenue was up 22.3% compared to the same quarter last year. During the same period last year, the business earned ($0.21) earnings per share. On average, equities analysts forecast that Plug Power, Inc. will post -0.25 EPS for the current fiscal year.

Plug Power Profile

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.