ACT Wealth Management LLC Makes New $32,000 Investment in Plug Power Inc. (NASDAQ:PLUG)

ACT Wealth Management LLC bought a new stake in Plug Power Inc. (NASDAQ:PLUG) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 14,000 shares of the electronics maker’s stock, valued at approximately $32,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PLUG. Rafferty Asset Management LLC raised its holdings in shares of Plug Power by 69.5% during the 4th quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock worth $1,618,000 after buying an additional 147,435 shares in the last quarter. 1832 Asset Management L.P. raised its stake in Plug Power by 120.8% during the fourth quarter. 1832 Asset Management L.P. now owns 34,000 shares of the electronics maker’s stock worth $153,000 after acquiring an additional 18,600 shares in the last quarter. Gabelli Funds LLC lifted its holdings in shares of Plug Power by 100.0% in the fourth quarter. Gabelli Funds LLC now owns 175,000 shares of the electronics maker’s stock worth $788,000 after acquiring an additional 87,500 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Plug Power by 39.4% in the 4th quarter. Neuberger Berman Group LLC now owns 47,296 shares of the electronics maker’s stock valued at $213,000 after purchasing an additional 13,377 shares in the last quarter. Finally, Symmetry Investments LP boosted its stake in shares of Plug Power by 6.9% in the 4th quarter. Symmetry Investments LP now owns 222,380 shares of the electronics maker’s stock valued at $1,001,000 after purchasing an additional 14,400 shares in the last quarter. Institutional investors own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PLUG shares. Piper Sandler lowered their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Canaccord Genuity Group decreased their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Craig Hallum dropped their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Susquehanna reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Finally, Truist Financial lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.01.

Plug Power Price Performance

PLUG opened at $2.07 on Wednesday. The firm’s fifty day moving average price is $2.05 and its two-hundred day moving average price is $2.56. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -0.86 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. Plug Power Inc. has a 1 year low of $1.60 and a 1 year high of $7.90.

Plug Power (NASDAQ:PLUG) last posted 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 firm had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s quarterly revenue was down 44.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.35) EPS. As a group, analysts anticipate that Plug Power Inc. will post -1.15 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.