Plug Power, Inc. $PLUG Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in Plug Power, Inc. (NASDAQ:PLUG) by 5.6% in the second quarter, HoldingsChannel reports. The fund owned 5,548,968 shares of the electronics maker’s stock after purchasing an additional 293,529 shares during the period. Van ECK Associates Corp’s holdings in Plug Power were worth $15,038,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PLUG. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in Plug Power by 116.7% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after buying an additional 7,000 shares in the last quarter. Sender Co & Partners Inc. purchased a new stake in shares of Plug Power during the 2nd quarter valued at approximately $26,000. DUTCH ASSET Corp purchased a new position in shares of Plug Power during the 4th quarter worth $29,000. Independent Advisor Alliance purchased a new position in shares of Plug Power during the fourth quarter worth $30,000. Finally, International Assets Investment Management LLC lifted its stake in Plug Power by 53.6% during the 4th quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker’s stock worth $31,000 after acquiring an additional 5,503 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PLUG. BMO Capital Markets boosted their target price on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research note on Tuesday, May 12th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Plug Power in a research note on Tuesday, August 11th. Roth Capital restated a “buy” rating and issued a $5.00 target price (up from $3.50) on shares of Plug Power in a research note on Wednesday, August 12th. Canaccord Genuity Group upped their price target on Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a report on Tuesday, May 12th. Finally, TD Cowen increased their price objective on Plug Power from $2.00 to $3.00 and gave the company a “hold” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $3.59.

Plug Power Stock Down 1.4%

Shares of Plug Power stock opened at $2.16 on Tuesday. The business has a 50-day moving average of $2.28 and a 200-day moving average of $2.60. Plug Power, Inc. has a 1-year low of $1.41 and a 1-year high of $4.58. The company has a market capitalization of $3.02 billion, a PE ratio of -1.71 and a beta of 2.20. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.32 and a quick ratio of 1.32.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $178.30 million during the quarter, compared to the consensus estimate of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The company’s revenue was up 2.5% compared to the same quarter last year. As a group, equities analysts forecast that Plug Power, Inc. will post -0.26 EPS for the current fiscal year.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.