Alpine Global Management LLC cut its stake in shares of Plug Power Inc. (NASDAQ:PLUG – Free Report) by 32.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,090 shares of the electronics maker’s stock after selling 4,910 shares during the quarter. Alpine Global Management LLC’s holdings in Plug Power were worth $35,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of PLUG. Mosley Wealth Management bought a new position in Plug Power in the first quarter valued at $35,000. J.W. Cole Advisors Inc. purchased a new stake in shares of Plug Power in the 1st quarter valued at $36,000. HBK Sorce Advisory LLC bought a new position in shares of Plug Power during the 1st quarter valued at $37,000. FAS Wealth Partners Inc. purchased a new position in Plug Power in the 4th quarter worth $45,000. Finally, Independent Advisor Alliance bought a new stake in Plug Power in the fourth quarter worth $45,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.
Insider Transactions at Plug Power
In related news, Director George C. Mcnamee sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the completion of the transaction, the director now owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.70% of the company’s stock.
Plug Power Trading Up 6.9 %
Plug Power (NASDAQ:PLUG – Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.11). The firm had revenue of $120.26 million for the quarter, compared to analysts’ expectations of $162.92 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. As a group, sell-side analysts forecast that Plug Power Inc. will post -1.12 EPS for the current year.
Analyst Ratings Changes
Several research analysts have recently commented on the company. B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Piper Sandler decreased their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Susquehanna lowered their price target on Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. Citigroup downgraded shares of Plug Power from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $3.25 to $2.00 in a research report on Friday, April 5th. Finally, Morgan Stanley cut their target price on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a research note on Friday, May 10th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average price target of $5.48.
Get Our Latest Research Report on Plug Power
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.
Further Reading
- Five stocks we like better than Plug Power
- What is the S&P/TSX Index?
- Is Crypto Cool Again? What Stocks You Should Be Watching
- How to Calculate Retirement Income: MarketBeat’s Calculator
- Why Call Options Volume for These 2 Stocks Spiked Together
- Canada Bond Market Holiday: How to Invest and Trade
- MarketBeat Week in Review – 7/22 – 7/26
Want to see what other hedge funds are holding PLUG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plug Power Inc. (NASDAQ:PLUG – Free Report).
Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.