Sanctuary Advisors LLC Takes Position in Plug Power Inc. (NASDAQ:PLUG)

Sanctuary Advisors LLC purchased a new position in Plug Power Inc. (NASDAQ:PLUG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 90,989 shares of the electronics maker’s stock, valued at approximately $206,000.

Other large investors also recently added to or reduced their stakes in the company. Aire Advisors LLC purchased a new stake in shares of Plug Power in the 2nd quarter worth approximately $28,000. Profund Advisors LLC acquired a new stake in shares of Plug Power in the 2nd quarter worth $29,000. Prio Wealth Limited Partnership acquired a new position in Plug Power during the 3rd quarter valued at about $29,000. Catalyst Capital Advisors LLC boosted its holdings in Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares in the last quarter. Finally, First Commonwealth Financial Corp PA purchased a new stake in shares of Plug Power during the third quarter worth about $29,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Piper Sandler lowered their price target 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. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Evercore ISI dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Wells Fargo & Company decreased their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Performance

PLUG opened at $2.38 on Monday. Plug Power Inc. has a 12-month low of $1.60 and a 12-month high of $5.14. The firm has a market capitalization of $2.17 billion, a P/E ratio of -1.11 and a beta of 1.76. The stock’s 50 day moving average price is $2.21 and its two-hundred day moving average price is $2.24. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS 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 the consensus estimate of $207.25 million. During the same period last year, the business earned ($0.47) earnings per share. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. On average, equities analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current year.

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.