Plug Power Inc. (NASDAQ:PLUG) Holdings Cut by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 16.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,442 shares of the electronics maker’s stock after selling 10,338 shares during the period. Principal Financial Group Inc.’s holdings in Plug Power were worth $121,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PLUG. Profund Advisors LLC purchased a new position in Plug Power in the second quarter valued at about $29,000. Prio Wealth Limited Partnership acquired a new stake in shares of Plug Power during the 3rd quarter valued at about $29,000. Catalyst Capital Advisors LLC grew its stake in shares of Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares in the last quarter. Millburn Ridgefield Corp increased its holdings in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the last quarter. Finally, First Commonwealth Financial Corp PA bought a new position in Plug Power during the third quarter valued at approximately $29,000. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Price Performance

Plug Power stock opened at $2.95 on Wednesday. The business has a 50 day simple moving average of $2.25 and a 200 day simple moving average of $2.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a market capitalization of $2.69 billion, a PE ratio of -1.38 and a beta of 1.79. Plug Power Inc. has a one year low of $1.60 and a one year high of $5.14.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.47) EPS. On average, sell-side analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on PLUG shares. Craig Hallum dropped their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Evercore ISI reduced their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Piper Sandler lowered their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus target price of $4.52.

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.