(Ticker Report) – Federated Hermes Inc. bought a new position in shares of Plug Power Inc (NASDAQ:PLUG) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 93,941 shares of the electronics maker’s stock, valued at approximately $771,000.
Other hedge funds also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV increased its position in shares of Plug Power by 106.8% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 4,550 shares of the electronics maker’s stock valued at $37,000 after buying an additional 2,350 shares in the last quarter.
Balyasny Asset Management LLC bought a new position in shares of Plug Power during the 1st quarter valued at about $38,000. Petix & Botte Co bought a new position in shares of Plug Power during the 2nd quarter valued at about $41,000. M&T Bank Corp acquired a new position in shares of Plug Power in the 1st quarter valued at approximately $43,000. Finally, Comerica Bank bought a new stake in Plug Power during the 1st quarter worth approximately $45,000. 44.56% of the stock is owned by institutional investors.
In related news, CEO Andrew Marsh sold 1,166,667 shares of Plug Power stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $10.01, for a total transaction of $11,678,336.67. Following the completion of the sale, the chief executive officer now owns 1,104,412 shares of the company’s stock, valued at approximately $11,055,164.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Martin Daniel Hull sold 33,333 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $13.11, for a total transaction of $436,995.63. Following the completion of the transaction, the chief accounting officer now owns 25,503 shares in the company, valued at approximately $334,344.33. The disclosure for this sale can be found here. Insiders have sold a total of 3,694,357 shares of company stock worth $34,279,663 over the last three months. 4.50% of the stock is owned by insiders.
Several research analysts have recently weighed in on PLUG shares. Odeon Capital Group assumed coverage on shares of Plug Power in a report on Tuesday, August 18th. They issued a “buy” rating for the company. Morgan Stanley increased their target price on Plug Power from $8.50 to $9.50 and gave the stock an “equal weight” rating in a report on Friday, August 14th. Roth Capital boosted their price target on Plug Power from $6.00 to $12.00 in a report on Wednesday, June 24th.
ValuEngine raised Plug Power from a “hold” rating to a “buy” rating in a research report on Monday, August 3rd. Finally, Canaccord Genuity boosted their target price on Plug Power from $7.00 to $8.50 and gave the company a “buy” rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $8.94.
Shares of PLUG stock opened at $12.84 on Friday. Plug Power Inc has a 52-week low of $2.32 and a 52-week high of $14.35. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of -41.42 and a beta of 1.31. The firm’s 50-day moving average is $11.46 and its 200-day moving average is $6.77. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.34 and a current ratio of 1.89.
Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, August 6th. The electronics maker reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.07. The firm had revenue of $68.07 million for the quarter, compared to the consensus estimate of $56.51 million. Plug Power had a negative return on equity of 70.36% and a negative net margin of 33.33%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.08) earnings per share. Sell-side analysts predict that Plug Power Inc will post -0.29 EPS for the current fiscal year.
About Plug Power
Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.