Plug Power Inc. (NASDAQ:PLUG) Shares Acquired by Prospera Financial Services Inc

Prospera Financial Services Inc boosted its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 63.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,963 shares of the electronics maker’s stock after purchasing an additional 12,845 shares during the quarter. Prospera Financial Services Inc’s holdings in Plug Power were worth $74,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares during the period. Van ECK Associates Corp boosted its position in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares during the period. Vontobel Holding Ltd. boosted its position in Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the period. Swedbank AB acquired a new position in Plug Power during the 1st quarter worth $10,687,000. Finally, Bank of New York Mellon Corp boosted its position in Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after acquiring an additional 1,036,777 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Stock Up 14.6 %

Shares of Plug Power stock opened at $2.20 on Tuesday. The stock’s fifty day moving average is $2.08 and its 200-day moving average is $2.38. The firm has a market capitalization of $2.00 billion, a PE ratio of -1.03 and a beta of 1.81. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power Inc. has a 12-month low of $1.60 and a 12-month high of $5.14.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the prior year, the firm posted ($0.47) EPS. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. Equities analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PLUG. Piper Sandler reduced their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Royal Bank of Canada reduced their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Wells Fargo & Company reduced their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Finally, Jefferies Financial Group dropped their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Plug Power has an average rating of “Hold” and a consensus target price of $4.52.

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.