Quadrature Capital Ltd Sells 242,042 Shares of Plug Power Inc. (NASDAQ:PLUG)

Quadrature Capital Ltd reduced its holdings in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 67.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 119,425 shares of the electronics maker's stock after selling 242,042 shares during the quarter. Quadrature Capital Ltd's holdings in Plug Power were worth $270,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PLUG. Charles Schwab Investment Management Inc. boosted its position in shares of Plug Power by 25.6% during 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 acquiring an additional 1,354,500 shares during the last quarter. Van ECK Associates Corp lifted its position in Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker's stock worth $8,803,000 after buying an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. lifted its position in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker's stock worth $7,744,000 after buying an additional 1,051,400 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Plug Power by 69.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker's stock worth $5,896,000 after buying an additional 1,036,777 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Plug Power by 24.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker's stock worth $5,472,000 after buying an additional 476,060 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PLUG shares. Craig Hallum dropped their target price on Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Thursday, November 14th. Canaccord Genuity Group dropped their target price on Plug Power from $2.50 to $2.25 and set a "hold" rating for the company in a research report on Wednesday, November 13th. BTIG Research downgraded Plug Power from a "buy" rating to a "neutral" rating in a research report on Thursday, November 14th. Piper Sandler dropped their target price on Plug Power from $1.60 to $1.40 and set an "underweight" rating for the company in a research report on Thursday, November 14th. Finally, Jefferies Financial Group dropped their target price on Plug Power from $2.20 to $2.00 and set a "hold" rating for the company in a research report on Thursday, October 3rd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Plug Power currently has a consensus rating of "Hold" and a consensus price target of $4.52.

Plug Power Stock Down 1.2 %

PLUG stock traded down $0.03 during midday trading on Wednesday, hitting $2.48. The stock had a trading volume of 29,195,159 shares, compared to its average volume of 43,446,863. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -1.12 and a beta of 1.76. The business has a 50-day moving average of $2.13 and a two-hundred day moving average of $2.31. Plug Power Inc. has a 52-week low of $1.60 and a 52-week high of $5.14. 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 (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $173.70 million during the quarter, compared to analysts' expectations of $207.25 million. During the same period in the previous year, the company earned ($0.47) earnings per share. Plug Power's revenue for the quarter was down 12.6% on a year-over-year basis. As a group, equities research analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

About Plug Power

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.