Legal & General Group Plc Sells 8,462,646 Shares of Plug Power, Inc. $PLUG

Legal & General Group Plc decreased its holdings in Plug Power, Inc. (NASDAQ:PLUG) by 47.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,232,431 shares of the electronics maker’s stock after selling 8,462,646 shares during the period. Legal & General Group Plc owned approximately 0.66% of Plug Power worth $18,188,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PLUG. Kovack Advisors Inc. bought a new position in shares of Plug Power in the 3rd quarter valued at $26,000. Sender Co & Partners Inc. bought a new position in shares of Plug Power in the 2nd quarter valued at $26,000. Prakash Investment Advisors LLC bought a new position in shares of Plug Power in the 3rd quarter valued at $27,000. Procyon Advisors LLC bought a new stake in Plug Power during the 4th quarter worth $29,000. Finally, Prime Capital Investment Advisors LLC bought a new stake in Plug Power during the 3rd quarter worth $30,000. Institutional investors own 43.48% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PLUG shares. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Plug Power in a research report on Tuesday, March 3rd. Jefferies Financial Group reduced their price objective on Plug Power from $2.00 to $1.80 and set a “hold” rating on the stock in a research report on Monday, March 9th. BMO Capital Markets boosted their price objective on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research report on Tuesday, May 12th. Canaccord Genuity Group boosted their price objective on Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Finally, TD Cowen boosted their price objective on Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Plug Power has a consensus rating of “Hold” and a consensus price target of $3.42.

Plug Power Trading Down 0.3%

NASDAQ PLUG opened at $3.94 on Tuesday. The business’s 50-day moving average price is $3.08 and its two-hundred day moving average price is $2.47. Plug Power, Inc. has a 12 month low of $0.81 and a 12 month high of $4.58. The firm has a market capitalization of $5.50 billion, a PE ratio of -2.98 and a beta of 2.12. The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The firm had revenue of $163.51 million for the quarter, compared to analyst estimates of $139.87 million. During the same quarter in the previous year, the company posted ($0.21) EPS. The business’s revenue was up 22.3% on a year-over-year basis. On average, analysts expect that Plug Power, Inc. will post -0.26 EPS for the current year.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.