Advisors Asset Management Inc. Acquires 108,536 Shares of Plug Power Inc. (NASDAQ:PLUG)

Advisors Asset Management Inc. boosted its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 145.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 183,119 shares of the electronics maker’s stock after buying an additional 108,536 shares during the quarter. Advisors Asset Management Inc.’s holdings in Plug Power were worth $414,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SteelPeak Wealth LLC acquired a new position in shares of Plug Power during the 2nd quarter worth approximately $26,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Plug Power in the second quarter valued at about $26,000. Aire Advisors LLC bought a new position in shares of Plug Power in the second quarter valued at about $28,000. Madison Park Capital Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter worth about $29,000. Finally, Profund Advisors LLC acquired a new position in Plug Power in the 2nd quarter valued at about $29,000. Institutional investors own 43.48% of the company’s stock.

Plug Power Trading Up 2.9 %

Shares of Plug Power stock opened at $2.13 on Friday. The firm’s 50 day moving average is $2.08 and its 200 day moving average is $2.37. The firm has a market capitalization of $1.94 billion, a PE ratio of -1.00 and a beta of 1.81. Plug Power Inc. has a 1 year low of $1.60 and a 1 year high of $5.14. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last posted its 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 return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same period in the previous year, the firm posted ($0.47) EPS. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. Equities research analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PLUG. Evercore ISI reduced their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Piper Sandler lowered their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Craig Hallum reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Finally, Royal Bank of Canada lowered their price target on shares of 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. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.52.

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.