Rhumbline Advisers Purchases 638,761 Shares of Plug Power Inc. (NASDAQ:PLUG)

Rhumbline Advisers raised its position in shares of Plug Power Inc. (NASDAQ:PLUG) by 97.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,296,047 shares of the electronics maker’s stock after acquiring an additional 638,761 shares during the period. Rhumbline Advisers’ holdings in Plug Power were worth $3,020,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PLUG. SteelPeak Wealth LLC bought a new stake in Plug Power during the second quarter valued at about $26,000. Nations Financial Group Inc. IA ADV bought a new stake in Plug Power during the second quarter valued at about $26,000. Aire Advisors LLC bought a new stake in Plug Power during the second quarter valued at about $28,000. Madison Park Capital Advisors LLC acquired a new position in shares of Plug Power during the second quarter valued at about $29,000. Finally, Mosley Wealth Management acquired a new position in shares of Plug Power during the first quarter valued at about $35,000. 43.48% of the stock is currently owned by institutional investors.

Plug Power Price Performance

Shares of Plug Power stock opened at $2.09 on Wednesday. Plug Power Inc. has a 1-year low of $1.60 and a 1-year high of $8.48. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average price is $2.24 and its two-hundred day moving average price is $2.73. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -0.87 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. During the same period last year, the company earned ($0.35) earnings per share. Plug Power’s revenue for the quarter was down 44.9% compared to the same quarter last year. On average, equities analysts predict that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PLUG shares. Susquehanna cut their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Canaccord Genuity Group cut their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Truist Financial cut their price objective on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Piper Sandler cut their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Finally, Wells Fargo & Company dropped their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Plug Power currently has an average rating of “Hold” and an average target price of $5.19.

Plug Power Company 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.