Catalyst Capital Advisors LLC Boosts Position in Plug Power Inc. (NASDAQ:PLUG)

Catalyst Capital Advisors LLC boosted its position in shares of Plug Power Inc. (NASDAQ:PLUG) by 79.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,681 shares of the electronics maker’s stock after purchasing an additional 5,631 shares during the quarter. Catalyst Capital Advisors LLC’s holdings in Plug Power were worth $29,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. HBK Sorce Advisory LLC purchased a new stake in shares of Plug Power in the first quarter valued at $37,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power in the second quarter valued at $26,000. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power in the second quarter valued at $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power in the second quarter valued at $28,000. Finally, Madison Park Capital Advisors LLC purchased a new stake in shares of Plug Power in the second quarter valued at $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Royal Bank of Canada reduced their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Truist Financial dropped their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Wells Fargo & Company dropped their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Piper Sandler dropped their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Finally, Susquehanna dropped their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.01.

Plug Power Trading Up 3.6 %

Shares of PLUG opened at $2.04 on Friday. The company has a market capitalization of $1.79 billion, a P/E ratio of -0.86 and a beta of 1.81. Plug Power Inc. has a one year low of $1.60 and a one year high of $6.33. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The stock has a 50-day moving average price of $2.05 and a 200 day moving average price of $2.42.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.35) EPS. Sell-side analysts forecast that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

About Plug Power

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.