First Commonwealth Financial Corp PA Purchases New Shares in Plug Power Inc. (NASDAQ:PLUG)

First Commonwealth Financial Corp PA purchased a new position in Plug Power Inc. (NASDAQ:PLUG) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,887 shares of the electronics maker’s stock, valued at approximately $29,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vontobel Holding Ltd. grew 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 valued at $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Plug Power by 25.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after acquiring an additional 400,120 shares in the last quarter. Diversified Trust Co purchased a new position in Plug Power in the 2nd quarter worth approximately $35,000. Tidal Investments LLC lifted its position in Plug Power by 57.8% in the 1st quarter. Tidal Investments LLC now owns 234,580 shares of the electronics maker’s stock valued at $807,000 after acquiring an additional 85,923 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in Plug Power by 134.0% during the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after purchasing an additional 1,407,858 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PLUG. Royal Bank of Canada decreased their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Truist Financial reduced their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Evercore ISI decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Finally, Jefferies Financial Group dropped their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Trading Up 2.9 %

Plug Power stock opened at $2.13 on Thursday. Plug Power Inc. has a 12-month low of $1.60 and a 12-month high of $5.14. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -1.00 and a beta of 1.81. The firm has a 50 day moving average of $2.08 and a 200 day moving average of $2.37. 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 announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) 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 firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same period last year, the company earned ($0.47) earnings per share. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, research analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current 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.