28,720 Shares in Plug Power Inc. (NASDAQ:PLUG) Bought by Choreo LLC

Choreo LLC acquired a new position in shares of Plug Power Inc. (NASDAQ:PLUG) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 28,720 shares of the electronics maker’s stock, valued at approximately $65,000.

Other hedge funds have also recently made changes to their positions in the company. SteelPeak Wealth LLC purchased a new stake in Plug Power in the second quarter valued at about $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in Plug Power in the second quarter valued at about $26,000. Aire Advisors LLC purchased a new stake in Plug Power in the second quarter valued at about $28,000. Madison Park Capital Advisors LLC purchased a new stake in Plug Power in the second quarter valued at about $29,000. Finally, Mosley Wealth Management purchased a new position in shares of Plug Power in the first quarter worth about $35,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Down 5.8 %

Shares of PLUG opened at $1.94 on Friday. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a 12 month low of $1.60 and a 12 month high of $7.95. The stock’s 50 day moving average is $2.21 and its two-hundred day moving average is $2.71. The firm has a market cap of $1.71 billion, a P/E ratio of -0.81 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.35) earnings per share. Analysts predict that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PLUG shares. Wells Fargo & Company reduced their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Piper Sandler reduced their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Canaccord Genuity Group reduced their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Finally, B. Riley upgraded Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus target price of $5.19.

Plug Power 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.