MML Investors Services LLC Lowers Stock Position in Plug Power Inc. (NASDAQ:PLUG)

MML Investors Services LLC cut its holdings in Plug Power Inc. (NASDAQ:PLUG) by 53.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,924 shares of the electronics maker’s stock after selling 24,320 shares during the quarter. MML Investors Services LLC’s holdings in Plug Power were worth $47,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV purchased a new position in Plug Power in the 2nd quarter worth approximately $26,000. Aire Advisors LLC purchased a new stake in Plug Power in the second quarter valued at $28,000. Profund Advisors LLC acquired a new position in shares of Plug Power in the 2nd quarter valued at $29,000. Prio Wealth Limited Partnership purchased a new position in shares of Plug Power during the 3rd quarter worth $29,000. Finally, Catalyst Capital Advisors LLC increased its position in shares of Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

NASDAQ:PLUG opened at $2.38 on Friday. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.17 billion, a P/E ratio of -1.11 and a beta of 1.76. The stock’s 50 day simple moving average is $2.21 and its 200-day simple moving average is $2.25. Plug Power Inc. has a 12-month low of $1.60 and a 12-month high of $5.14.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million for 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 business’s quarterly revenue was down 12.6% on a year-over-year basis. During the same period last year, the company posted ($0.47) earnings per share. Equities analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Analysts Set New Price Targets

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

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.