Alpine Global Management LLC Lowers Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Alpine Global Management LLC cut its stake in shares of Plug Power Inc. (NASDAQ:PLUG) 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 %

NASDAQ:PLUG traded up $0.16 during midday trading on Friday, hitting $2.49. The stock had a trading volume of 45,257,487 shares, compared to its average volume of 42,547,336. The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $2.81 and a 200 day moving average of $3.15. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -1.04 and a beta of 1.81. Plug Power Inc. has a one year low of $2.21 and a one year high of $13.17.

Plug Power (NASDAQ:PLUG) 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.

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.