Principal Financial Group Inc. Decreases Position in Plug Power Inc. (NASDAQ:PLUG)

Principal Financial Group Inc. decreased its position in Plug Power Inc. (NASDAQ:PLUG) by 16.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,442 shares of the electronics maker’s stock after selling 10,338 shares during the period. Principal Financial Group Inc.’s holdings in Plug Power were worth $121,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PLUG. SteelPeak Wealth LLC purchased a new position in shares of Plug Power during the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in Plug Power during the second quarter valued at about $26,000. Aire Advisors LLC bought a new position in Plug Power during the second quarter worth about $28,000. Madison Park Capital Advisors LLC bought a new position in Plug Power during the second quarter worth about $29,000. Finally, Profund Advisors LLC purchased a new position in shares of Plug Power in the second quarter worth about $29,000. 43.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on PLUG shares. Wells Fargo & Company cut their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Royal Bank of Canada reduced their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Finally, Craig Hallum reduced their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $2.07 on Wednesday. Plug Power Inc. has a twelve month low of $1.60 and a twelve month high of $5.14. The company has a 50 day moving average of $2.08 and a 200 day moving average of $2.38. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.89 billion, a P/E ratio of -0.97 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the prior year, the company posted ($0.47) EPS. Plug Power’s revenue was down 12.6% on a year-over-year basis. As a group, research analysts expect that Plug Power Inc. will post -1.2 EPS 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.