Plug Power Inc. (NASDAQ:PLUG) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its position in Plug Power Inc. (NASDAQ:PLUG – Get Rating) by 26.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 121,602 shares of the electronics maker’s stock after selling 43,195 shares during the quarter. Russell Investments Group Ltd.’s holdings in Plug Power were worth $1,496,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in PLUG. Riggs Asset Managment Co. Inc. acquired a new position in shares of Plug Power in the 3rd quarter valued at $26,000. Millburn Ridgefield Corp raised its position in Plug Power by 47.8% during the fourth quarter. Millburn Ridgefield Corp now owns 2,316 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 749 shares during the period. Catalyst Capital Advisors LLC raised its position in Plug Power by 47.8% during the fourth quarter. Catalyst Capital Advisors LLC now owns 2,316 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 749 shares during the period. Exos TFP Holdings LLC acquired a new position in Plug Power during the third quarter worth $30,000. Finally, Armstrong Advisory Group Inc. acquired a new position in Plug Power during the fourth quarter worth $31,000. 52.07% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Trading Down 0.2 %

Shares of PLUG opened at $8.81 on Wednesday. The company has a current ratio of 4.39, a quick ratio of 3.25 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.29 billion, a P/E ratio of -6.62 and a beta of 1.75. The firm has a 50-day moving average price of $9.49 and a 200 day moving average price of $12.97. Plug Power Inc. has a 12-month low of $7.39 and a 12-month high of $31.56.

Plug Power (NASDAQ:PLUG – Get Rating) last released its quarterly earnings results on Tuesday, May 9th. The electronics maker reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.08). Plug Power had a negative net margin of 100.41% and a negative return on equity of 18.72%. The company had revenue of $210.29 million during the quarter, compared to analysts’ expectations of $207.67 million. During the same period last year, the firm posted ($0.27) earnings per share. Plug Power’s revenue was up 49.3% on a year-over-year basis. Sell-side analysts forecast that Plug Power Inc. will post -0.88 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PLUG shares. Morgan Stanley cut shares of Plug Power from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $35.00 to $15.00 in a research report on Monday, April 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Plug Power from $23.00 to $20.00 in a research report on Monday, May 1st. Cowen reduced their price objective on shares of Plug Power from $30.00 to $23.00 in a research report on Thursday, January 26th. Piper Sandler dropped their target price on shares of Plug Power from $10.00 to $8.00 in a report on Monday. Finally, BMO Capital Markets dropped their target price on shares of Plug Power from $10.00 to $7.50 in a report on Wednesday, May 10th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.34.

About Plug Power

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.