Raymond James & Associates Decreases Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

Raymond James & Associates decreased its holdings in shares of Plug Power Inc. (NASDAQ:PLUGGet Rating) by 39.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,076 shares of the electronics maker’s stock after selling 68,654 shares during the period. Raymond James & Associates’ holdings in Plug Power were worth $2,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Miracle Mile Advisors LLC purchased a new position in shares of Plug Power during the 3rd quarter valued at approximately $263,000. TriaGen Wealth Management LLC purchased a new position in Plug Power in the 3rd quarter valued at $220,000. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Plug Power by 7.3% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,858,286 shares of the electronics maker’s stock valued at $60,053,000 after purchasing an additional 195,333 shares in the last quarter. Focused Wealth Management Inc lifted its holdings in Plug Power by 740.0% in the 3rd quarter. Focused Wealth Management Inc now owns 4,200 shares of the electronics maker’s stock valued at $88,000 after purchasing an additional 3,700 shares in the last quarter. Finally, FNY Investment Advisers LLC lifted its holdings in Plug Power by 1,142.4% in the 3rd quarter. FNY Investment Advisers LLC now owns 16,922 shares of the electronics maker’s stock valued at $355,000 after purchasing an additional 15,560 shares in the last quarter. Hedge funds and other institutional investors own 52.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PLUG. UBS Group began coverage on Plug Power in a report on Tuesday, December 13th. They issued a “buy” rating and a $26.00 price objective on the stock. Jefferies Financial Group began coverage on Plug Power in a report on Tuesday, October 18th. They issued a “buy” rating and a $28.00 price objective on the stock. Oppenheimer decreased their price objective on Plug Power from $63.00 to $31.00 in a report on Wednesday, November 9th. Royal Bank of Canada decreased their price objective on Plug Power from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, November 9th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Plug Power in a research note on Thursday, October 20th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Plug Power currently has a consensus rating of “Moderate Buy” and an average target price of $26.17.

Plug Power Stock Performance

NASDAQ PLUG opened at $15.90 on Monday. The company has a market cap of $9.27 billion, a P/E ratio of -13.25 and a beta of 1.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.09 and a quick ratio of 5.23. The stock has a 50-day moving average of $14.54 and a two-hundred day moving average of $19.40. Plug Power Inc. has a 1-year low of $11.49 and a 1-year high of $32.05.

Plug Power (NASDAQ:PLUGGet Rating) last released its earnings results on Tuesday, November 8th. The electronics maker reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The firm had revenue of $188.63 million during the quarter, compared to analyst estimates of $239.94 million. Plug Power had a negative net margin of 107.91% and a negative return on equity of 15.56%. As a group, analysts anticipate that Plug Power Inc. will post -1.09 EPS for the current year.

About Plug Power

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Plug Power Inc delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications.

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Institutional Ownership by Quarter for Plug Power (NASDAQ:PLUG)

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