New York State Common Retirement Fund Reduces Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

New York State Common Retirement Fund reduced its position in Plug Power Inc. (NASDAQ:PLUG) by 7.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 394,000 shares of the electronics maker’s stock after selling 31,034 shares during the period. New York State Common Retirement Fund’s holdings in Plug Power were worth $1,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Raymond James & Associates increased its holdings in Plug Power by 2.2% in the 3rd quarter. Raymond James & Associates now owns 83,433 shares of the electronics maker’s stock worth $634,000 after acquiring an additional 1,783 shares during the last quarter. Financial Advocates Investment Management increased its stake in shares of Plug Power by 10.6% in the third quarter. Financial Advocates Investment Management now owns 20,840 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,992 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Plug Power by 5.5% in the third quarter. Principal Financial Group Inc. now owns 40,818 shares of the electronics maker’s stock valued at $310,000 after purchasing an additional 2,124 shares during the period. Byrne Asset Management LLC lifted its stake in shares of Plug Power by 17.1% during the 3rd quarter. Byrne Asset Management LLC now owns 16,415 shares of the electronics maker’s stock valued at $125,000 after buying an additional 2,400 shares in the last quarter. Finally, Sigma Planning Corp boosted its holdings in Plug Power by 13.0% in the 3rd quarter. Sigma Planning Corp now owns 21,876 shares of the electronics maker’s stock worth $166,000 after buying an additional 2,525 shares during the period. 43.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PLUG has been the topic of a number of analyst reports. Evercore ISI lowered their target price on shares of Plug Power from $9.00 to $6.00 and set an “outperform” rating on the stock in a report on Monday, March 4th. Royal Bank of Canada decreased their price target on Plug Power from $5.00 to $3.50 and set a “sector perform” rating on the stock in a research report on Wednesday, January 24th. Citigroup lowered shares of Plug Power from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.25 to $2.00 in a research report on Friday, April 5th. UBS Group lowered shares of Plug Power from a “buy” rating to a “neutral” rating and set a $4.75 target price on the stock. in a report on Tuesday, February 6th. Finally, B. Riley cut their price target on shares of Plug Power from $18.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.05.

Plug Power Stock Down 4.5 %

PLUG opened at $2.52 on Thursday. Plug Power Inc. has a 12 month low of $2.25 and a 12 month high of $13.44. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. The business’s 50-day moving average price is $3.11 and its 200-day moving average price is $3.87. The company has a market cap of $1.75 billion, a P/E ratio of -1.10 and a beta of 1.64.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The firm had revenue of $222.20 million during the quarter, compared to analysts’ expectations of $234.21 million. During the same period in the previous year, the firm earned ($0.38) earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that Plug Power Inc. will post -0.94 EPS 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.