Verition Fund Management LLC Decreases Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

Verition Fund Management LLC trimmed its holdings in Plug Power Inc. (NASDAQ:PLUGGet Rating) by 47.0% during the first quarter, HoldingsChannel reports. The firm owned 69,367 shares of the electronics maker’s stock after selling 61,455 shares during the period. Verition Fund Management LLC’s holdings in Plug Power were worth $1,985,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its stake in shares of Plug Power by 929.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 968 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 874 shares in the last quarter. Acima Private Wealth LLC acquired a new position in shares of Plug Power during the fourth quarter worth $28,000. Tyler Stone Wealth Management acquired a new position in shares of Plug Power during the fourth quarter worth $28,000. Webster Bank N. A. grew its stake in shares of Plug Power by 62.4% during the first quarter. Webster Bank N. A. now owns 1,015 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 390 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of Plug Power by 1,642.9% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,220 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 1,150 shares in the last quarter. Hedge funds and other institutional investors own 51.09% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PLUG shares. Craig Hallum boosted their price target on shares of Plug Power from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, August 26th. Truist Financial increased their price target on shares of Plug Power from $21.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, August 11th. JPMorgan Chase & Co. increased their price target on shares of Plug Power from $28.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 10th. Citigroup increased their price target on shares of Plug Power from $20.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, August 11th. Finally, Susquehanna raised their target price on shares of Plug Power from $30.00 to $35.00 and gave the company a “positive” rating in a research note on Wednesday, August 10th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.39.

Plug Power Trading Down 3.6 %

Shares of NASDAQ:PLUG opened at $28.25 on Monday. The company has a market cap of $16.35 billion, a PE ratio of -25.92 and a beta of 1.66. The company’s 50-day moving average price is $24.54 and its 200 day moving average price is $22.35. Plug Power Inc. has a fifty-two week low of $12.70 and a fifty-two week high of $46.50. The company has a quick ratio of 8.10, a current ratio of 9.10 and a debt-to-equity ratio of 0.12.

Plug Power (NASDAQ:PLUGGet Rating) last released its earnings results on Tuesday, August 9th. The electronics maker reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.10). The business had revenue of $151.30 million during the quarter, compared to the consensus estimate of $162.31 million. Plug Power had a negative return on equity of 13.73% and a negative net margin of 105.26%. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.18) earnings per share. Sell-side analysts anticipate that Plug Power Inc. will post -0.96 earnings per share for the current year.

Plug Power Profile

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Plug Power Inc delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications.

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Institutional Ownership by Quarter for Plug Power (NASDAQ:PLUG)

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