MinichMacGregor Wealth Management LLC Increases Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

MinichMacGregor Wealth Management LLC increased its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 32.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,603 shares of the electronics maker’s stock after buying an additional 8,711 shares during the period. MinichMacGregor Wealth Management LLC’s holdings in Plug Power were worth $80,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PLUG. J.W. Cole Advisors Inc. acquired a new stake in Plug Power in the first quarter valued at approximately $36,000. HBK Sorce Advisory LLC purchased a new position in shares of Plug Power in the 1st quarter valued at about $37,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power during the 2nd quarter worth about $26,000. SteelPeak Wealth LLC purchased a new stake in Plug Power during the second quarter worth approximately $26,000. Finally, Aire Advisors LLC purchased a new position in Plug Power in the second quarter valued at approximately $28,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PLUG shares. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Canaccord Genuity Group lowered their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada reduced their price target on shares of 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. Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, Wells Fargo & Company lowered their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $5.01.

Plug Power Price Performance

Shares of PLUG remained flat at $2.51 on Tuesday. The company had a trading volume of 35,811,232 shares, compared to its average volume of 39,801,340. Plug Power Inc. has a 1-year low of $1.60 and a 1-year high of $6.74. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -1.07 and a beta of 1.81. The company’s fifty day moving average is $2.04 and its 200-day moving average is $2.43. 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 (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same period last year, the company posted ($0.35) EPS. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, sell-side analysts anticipate that Plug Power Inc. will post -1.16 earnings per share for the current fiscal year.

Plug Power Company 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.