Plug Power Inc. (NASDAQ:PLUG) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC lessened its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 17.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 173,059 shares of the electronics maker’s stock after selling 37,063 shares during the quarter. Cresset Asset Management LLC’s holdings in Plug Power were worth $369,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Pacific Sage Partners LLC acquired a new stake in Plug Power in the fourth quarter valued at approximately $25,000. Oppenheimer & Co. Inc. purchased a new position in shares of Plug Power during the fourth quarter worth approximately $25,000. Jones Financial Companies Lllp grew its position in Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after buying an additional 6,074 shares during the last quarter. Callan Family Office LLC purchased a new position in Plug Power in the 4th quarter valued at $27,000. Finally, Abel Hall LLC purchased a new position in Plug Power in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Stock Down 10.9%

PLUG opened at $0.70 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. Plug Power Inc. has a 1 year low of $0.70 and a 1 year high of $3.55. The firm has a 50 day moving average price of $1.15 and a 200 day moving average price of $1.78. The company has a market cap of $715.43 million, a PE ratio of -0.33 and a beta of 2.19.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Sell-side analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on PLUG shares. Piper Sandler reduced their target price on Plug Power from $1.10 to $0.80 and set an “underweight” rating for the company in a report on Wednesday. Susquehanna reduced their target price on Plug Power from $1.80 to $1.25 and set a “neutral” rating for the company in a report on Monday, April 14th. Morgan Stanley cut their price target on Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research note on Thursday, March 6th. UBS Group cut their price target on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research note on Friday, March 21st. Finally, Wells Fargo & Company cut their price target on Plug Power from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Wednesday. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and an average target price of $1.99.

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.