Foundations Investment Advisors LLC Trims Position in Plug Power Inc. (NASDAQ:PLUG)


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Foundations Investment Advisors LLC cut its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 6.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,200 shares of the electronics maker’s stock after selling 568 shares during the period. Foundations Investment Advisors LLC’s holdings in Plug Power were worth $262,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Cowa LLC bought a new position in shares of Plug Power in the fourth quarter valued at approximately $35,000. Penserra Capital Management LLC purchased a new stake in Plug Power in the 4th quarter worth approximately $28,000. North Star Investment Management Corp. boosted its holdings in Plug Power by 30.5% in the 4th quarter. North Star Investment Management Corp. now owns 855 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 200 shares during the period. Trustcore Financial Services LLC grew its position in shares of Plug Power by 375.0% during the 4th quarter. Trustcore Financial Services LLC now owns 950 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 750 shares in the last quarter. Finally, Psagot Investment House Ltd. bought a new position in shares of Plug Power in the fourth quarter worth $34,000. 50.89% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently issued reports on PLUG shares. Truist lowered Plug Power from a “buy” rating to a “hold” rating in a research note on Wednesday, March 17th. Zacks Investment Research raised Plug Power from a “sell” rating to a “hold” rating in a report on Thursday, March 25th. Piper Sandler decreased their price objective on shares of Plug Power from $48.00 to $42.00 in a research report on Tuesday, April 6th. Barclays reiterated an “underweight” rating and set a $29.00 target price (up from $21.00) on shares of Plug Power in a research report on Monday, March 8th. Finally, Sanford C. Bernstein began coverage on shares of Plug Power in a report on Wednesday, February 3rd. They issued an “outperform” rating and a $75.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $51.73.

Shares of NASDAQ:PLUG opened at $32.30 on Monday. The stock has a market capitalization of $15.16 billion, a P/E ratio of -97.88 and a beta of 1.81. The stock’s 50-day moving average price is $41.34 and its 200-day moving average price is $35.85. The company has a current ratio of 2.95, a quick ratio of 2.44 and a debt-to-equity ratio of 0.91. Plug Power Inc. has a 12-month low of $3.70 and a 12-month high of $75.49.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Thursday, February 25th. The electronics maker reported ($1.12) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($1.04). The company had revenue of $139.66 million for the quarter, compared to analysts’ expectations of $84.93 million. Plug Power had a negative net margin of 33.75% and a negative return on equity of 37.12%. As a group, research analysts predict that Plug Power Inc. will post -0.34 EPS for the current year.

In other news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction dated Wednesday, January 13th. The shares were sold at an average price of $70.45, for a total transaction of $704,500.00. Following the completion of the sale, the director now directly owns 899,390 shares in the company, valued at $63,362,025.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Andrew Marsh sold 573,268 shares of the stock in a transaction dated Tuesday, January 19th. The stock was sold at an average price of $65.82, for a total transaction of $37,732,499.76. Following the sale, the chief executive officer now owns 855,280 shares of the company’s stock, valued at $56,294,529.60. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.

Plug Power Profile

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.

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

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