Waldron Private Wealth LLC Takes Position in Plug Power Inc. (NASDAQ:PLUG)

Waldron Private Wealth LLC bought a new position in Plug Power Inc. (NASDAQ:PLUG) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 13,502 shares of the electronics maker’s stock, valued at approximately $60,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Plug Power during the fourth quarter valued at about $211,176,000. Morgan Stanley lifted its position in Plug Power by 87.2% in the 3rd quarter. Morgan Stanley now owns 22,285,344 shares of the electronics maker’s stock worth $169,369,000 after buying an additional 10,378,912 shares during the last quarter. Electron Capital Partners LLC bought a new stake in Plug Power in the 3rd quarter worth approximately $13,496,000. BlackRock Inc. boosted its stake in Plug Power by 3.0% in the first quarter. BlackRock Inc. now owns 52,381,858 shares of the electronics maker’s stock worth $613,915,000 after buying an additional 1,534,756 shares in the last quarter. Finally, UBS Group AG grew its position in Plug Power by 671.7% during the first quarter. UBS Group AG now owns 1,586,124 shares of the electronics maker’s stock valued at $18,589,000 after acquiring an additional 1,380,583 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PLUG. B. Riley lowered their price objective on shares of Plug Power from $18.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. Canaccord Genuity Group lowered their price target on shares of Plug Power from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, March 4th. Roth Mkm raised Plug Power from a “neutral” rating to a “buy” rating and raised their price objective for the company from $4.50 to $9.00 in a research note on Wednesday, January 31st. UBS Group downgraded Plug Power from a “buy” rating to a “neutral” rating and set a $4.75 price objective on the stock. in a report on Tuesday, February 6th. Finally, Citigroup cut Plug Power from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.25 to $2.00 in a report on Friday, April 5th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.05.

Plug Power Stock Down 5.3 %

Shares of PLUG stock opened at $2.70 on Wednesday. The business’s fifty day moving average is $3.52 and its 200 day moving average is $4.35. The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18. Plug Power Inc. has a twelve month low of $2.26 and a twelve month high of $13.44.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The business had revenue of $222.20 million for the quarter, compared to the consensus estimate of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.38) EPS. As a group, sell-side analysts predict that Plug Power Inc. will post -0.95 EPS for the current fiscal year.

Plug Power 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.