Plug Power Inc. (NASDAQ:PLUG) Shares Purchased by Pitcairn Co.

Pitcairn Co. boosted its holdings in Plug Power Inc. (NASDAQ:PLUG) by 27.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,561 shares of the electronics maker’s stock after purchasing an additional 4,169 shares during the quarter. Pitcairn Co.’s holdings in Plug Power were worth $67,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Treasurer of the State of North Carolina increased its stake in Plug Power by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock valued at $1,049,000 after purchasing an additional 2,280 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Plug Power by 15.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 18,585 shares of the electronics maker’s stock worth $84,000 after buying an additional 2,526 shares during the period. Brookstone Capital Management boosted its position in shares of Plug Power by 22.3% in the fourth quarter. Brookstone Capital Management now owns 17,973 shares of the electronics maker’s stock worth $81,000 after buying an additional 3,273 shares during the period. Prime Capital Investment Advisors LLC boosted its position in shares of Plug Power by 19.4% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock worth $98,000 after buying an additional 3,556 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its position in shares of Plug Power by 17.6% in the fourth quarter. Stratos Wealth Partners LTD. now owns 25,635 shares of the electronics maker’s stock worth $115,000 after buying an additional 3,832 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group decreased their target price on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Monday, May 13th. Piper Sandler cut their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday. B. Riley upgraded Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Susquehanna cut their price target on Plug Power from $3.50 to $3.00 and set a “neutral” rating on the stock in a research note on Friday, May 10th. Finally, TD Cowen cut their price target on Plug Power from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.48.

Insider Transactions at Plug Power

In other news, Director George C. Mcnamee sold 10,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $2.56, for a total transaction of $25,600.00. Following the completion of the sale, the director now directly owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $2.40 on Friday. The stock has a fifty day moving average price of $2.83 and a two-hundred day moving average price of $3.17. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. The firm has a market cap of $1.78 billion, a P/E ratio of -0.97 and a beta of 1.81. Plug Power Inc. has a 1 year low of $2.21 and a 1 year high of $13.17.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The firm had revenue of $120.26 million for the quarter, compared to the consensus estimate of $162.92 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. Research analysts forecast that Plug Power Inc. will post -1.12 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.