SG Americas Securities LLC Cuts Stock Position in Plug Power Inc. (NASDAQ:PLUG)

SG Americas Securities LLC reduced its holdings in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 41.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,444,683 shares of the electronics maker's stock after selling 1,013,854 shares during the quarter. SG Americas Securities LLC owned about 0.16% of Plug Power worth $3,265,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Swedbank AB acquired a new stake in Plug Power in the first quarter valued at approximately $10,687,000. Quadrature Capital Ltd purchased a new position in shares of Plug Power during the fourth quarter valued at approximately $5,133,000. Pinnacle Associates Ltd. boosted its position in shares of Plug Power by 41.4% during the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker's stock valued at $12,989,000 after buying an additional 1,105,813 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker's stock valued at $5,896,000 after buying an additional 1,036,777 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Plug Power by 1.9% in the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker's stock worth $189,153,000 after purchasing an additional 999,194 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors.

Plug Power Price Performance

NASDAQ PLUG traded up $0.10 during trading on Monday, reaching $2.25. The company's stock had a trading volume of 37,684,496 shares, compared to its average volume of 39,389,977. The stock has a market capitalization of $1.98 billion, a PE ratio of -0.92 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The firm has a fifty day moving average of $2.06 and a 200 day moving average of $2.58. Plug Power Inc. has a one year low of $1.60 and a one year high of $7.90.

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Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. Plug Power's revenue was down 44.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.35) earnings per share. Analysts expect that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Analyst Ratings Changes

PLUG has been the topic of several research analyst reports. Craig Hallum cut their price objective on Plug Power from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Truist Financial cut their price objective on Plug Power from $3.00 to $2.00 and set a "hold" rating on the stock in a research report on Monday, August 12th. Piper Sandler cut their price objective on Plug Power from $2.50 to $2.40 and set an "underweight" rating on the stock in a research report on Monday, July 22nd. Wells Fargo & Company cut their price objective on Plug Power from $4.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Friday, August 9th. Finally, Susquehanna cut their price objective on Plug Power from $3.00 to $2.00 and set a "neutral" rating on the stock in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $5.01.

Plug Power Company 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.