Mirae Asset Global Investments Co. Ltd. reduced its holdings in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 52.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 233,919 shares of the electronics maker's stock after selling 257,876 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Plug Power were worth $533,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. SteelPeak Wealth LLC acquired a new position in Plug Power during the second quarter worth $26,000. Nations Financial Group Inc. IA ADV acquired a new position in Plug Power during the second quarter worth $26,000. Aire Advisors LLC acquired a new position in Plug Power during the second quarter worth $28,000. Madison Park Capital Advisors LLC acquired a new position in Plug Power during the second quarter worth $29,000. Finally, Profund Advisors LLC acquired a new position in Plug Power during the second quarter worth $29,000. 43.48% of the stock is owned by institutional investors and hedge funds.
Plug Power Price Performance
NASDAQ PLUG traded up $0.13 on Friday, reaching $2.09. 51,007,510 shares of the stock traded hands, compared to its average volume of 39,451,740. The firm's fifty day simple moving average is $2.03 and its 200 day simple moving average is $2.43. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.84 billion, a price-to-earnings ratio of -0.89 and a beta of 1.81. Plug Power Inc. has a 12 month low of $1.60 and a 12 month high of $6.96.
Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same quarter last year, the company posted ($0.35) EPS. Plug Power's revenue was down 44.9% on a year-over-year basis. As a group, research analysts predict that Plug Power Inc. will post -1.16 EPS for the current fiscal year.
Wall Street Analyst Weigh In
PLUG has been the subject of a number of analyst reports. Piper Sandler cut their price target on Plug Power from $2.50 to $2.40 and set an "underweight" rating for the company in a report on Monday, July 22nd. Craig Hallum cut their price target on Plug Power from $5.00 to $4.00 and set a "buy" rating for the company in a report on Friday, August 9th. Canaccord Genuity Group cut their price target on Plug Power from $3.00 to $2.50 and set a "hold" rating for the company in a report on Monday, August 12th. Susquehanna cut their price target on Plug Power from $3.00 to $2.00 and set a "neutral" rating for the company in a report on Monday, August 12th. Finally, Royal Bank of Canada cut their price target on Plug Power from $3.50 to $2.50 and set a "sector perform" rating for the company in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $5.01.
Check Out Our Latest Report on Plug Power
About Plug Power
(
Free Report)
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.
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