Plug Power Inc (NASDAQ:PLUG) was the recipient of a large decrease in short interest during the month of September. As of September 28th, there was short interest totalling 33,729,255 shares, a decrease of 6.2% from the September 14th total of 35,976,679 shares. Approximately 15.9% of the shares of the company are short sold. Based on an average daily volume of 2,550,873 shares, the short-interest ratio is currently 13.2 days.
Several research analysts have commented on PLUG shares. CIBC started coverage on shares of Plug Power in a research report on Thursday, August 23rd. They issued an “outperform” rating and a $2.50 target price for the company. ValuEngine cut shares of Plug Power from a “buy” rating to a “hold” rating in a research report on Tuesday, August 28th. BidaskClub cut shares of Plug Power from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th. B. Riley set a $4.00 target price on shares of Plug Power and gave the stock a “buy” rating in a research report on Wednesday, August 22nd. Finally, Zacks Investment Research cut shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $3.29.
In other Plug Power news, Director Gregory B. Graves sold 31,343 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $1.73, for a total value of $54,223.39. Following the completion of the transaction, the director now owns 43,296 shares in the company, valued at approximately $74,902.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.10% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Plug Power by 183.4% in the second quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock valued at $148,000 after acquiring an additional 47,559 shares in the last quarter. MetLife Investment Advisors LLC lifted its stake in Plug Power by 100.0% during the first quarter. MetLife Investment Advisors LLC now owns 107,957 shares of the electronics maker’s stock valued at $204,000 after purchasing an additional 53,968 shares during the last quarter. Global X Management Co LLC acquired a new stake in Plug Power during the second quarter valued at approximately $266,000. LPL Financial LLC acquired a new stake in Plug Power during the first quarter valued at approximately $270,000. Finally, UBS Group AG lifted its stake in Plug Power by 122.6% during the first quarter. UBS Group AG now owns 150,221 shares of the electronics maker’s stock valued at $284,000 after purchasing an additional 82,741 shares during the last quarter. Institutional investors and hedge funds own 30.46% of the company’s stock.
Plug Power stock opened at $1.78 on Friday. The company has a quick ratio of 0.69, a current ratio of 1.07 and a debt-to-equity ratio of 4.16. The company has a market capitalization of $412.41 million, a PE ratio of -2.97 and a beta of 1.08. Plug Power has a 12-month low of $1.53 and a 12-month high of $3.21.
Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 9th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $39.93 million during the quarter, compared to the consensus estimate of $40.52 million. Plug Power had a negative net margin of 66.16% and a negative return on equity of 108.78%. The company’s revenue was up 76.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.10) earnings per share. As a group, sell-side analysts anticipate that Plug Power will post -0.19 EPS for the current fiscal year.
About Plug Power
Plug Power Inc, an alternative energy technology provider, engages in the design, development, commercialization, and manufacture of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.
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