State Street Corp Lowers Position in Plug Power Inc. (NASDAQ:PLUG)

State Street Corp reduced its position in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 12.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,972,342 shares of the electronics maker's stock after selling 2,896,463 shares during the quarter. State Street Corp owned approximately 2.27% of Plug Power worth $45,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker's stock valued at $15,000,000 after buying an additional 1,354,500 shares in the last quarter. Vontobel Holding Ltd. grew its position in shares of Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker's stock valued at $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Plug Power by 69.4% during the 2nd 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 purchasing an additional 1,036,777 shares during the period. Van ECK Associates Corp lifted its holdings in Plug Power by 37.0% during the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker's stock worth $7,975,000 after purchasing an additional 923,579 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Plug Power by 97.2% during the 2nd quarter. Rhumbline Advisers now owns 1,296,047 shares of the electronics maker's stock valued at $3,020,000 after buying an additional 638,761 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

Plug Power Trading Up 11.3 %

Plug Power stock traded up $0.26 during trading hours on Friday, reaching $2.56. The company had a trading volume of 82,161,617 shares, compared to its average volume of 43,538,234. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. Plug Power Inc. has a 12-month low of $1.60 and a 12-month high of $5.14. The company has a 50-day moving average price of $2.17 and a 200 day moving average price of $2.28. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -1.20 and a beta of 1.76.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to analysts' expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm's quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.47) earnings per share. Equities analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PLUG shares. Jefferies Financial Group cut their price objective on shares of Plug Power from $2.20 to $2.00 and set a "hold" rating for the company in a research report on Thursday, October 3rd. Wells Fargo & Company reduced their price target on shares of Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a research report on Thursday, November 14th. Craig Hallum decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Thursday, November 14th. BTIG Research cut Plug Power from a "buy" rating to a "neutral" rating in a research report on Thursday, November 14th. Finally, Piper Sandler decreased their target price on Plug Power from $1.60 to $1.40 and set an "underweight" rating on the stock in a research note on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Plug Power has a consensus rating of "Hold" and a consensus target price of $4.52.

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.