Citizens Financial Group Inc RI trimmed its holdings in Plug Power Inc (NASDAQ:PLUG) by 9.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,781 shares of the electronics maker’s stock after selling 1,238 shares during the period. Citizens Financial Group Inc RI’s holdings in Plug Power were worth $97,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV lifted its position in shares of Plug Power by 106.8% during the second quarter. Creative Financial Designs Inc. ADV now owns 4,550 shares of the electronics maker’s stock worth $37,000 after purchasing an additional 2,350 shares during the last quarter. Macquarie Group Ltd. acquired a new stake in Plug Power during the second quarter valued at approximately $69,000. Petix & Botte Co bought a new position in Plug Power during the 2nd quarter worth approximately $41,000. Teacher Retirement System of Texas acquired a new position in shares of Plug Power in the 2nd quarter worth approximately $83,000. Finally, Comerica Bank bought a new stake in shares of Plug Power in the 1st quarter valued at approximately $45,000. Institutional investors own 44.56% of the company’s stock.
Several research firms have weighed in on PLUG. B. Riley boosted their target price on shares of Plug Power from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Morgan Stanley boosted their price objective on shares of Plug Power from $8.50 to $9.50 and gave the company an “equal weight” rating in a research report on Friday, August 14th. Barclays lowered Plug Power from an “overweight” rating to an “equal weight” rating and set a $10.00 target price for the company. in a report on Thursday, July 9th. They noted that the move was a valuation call. HC Wainwright reiterated a “buy” rating and issued a $14.00 target price on shares of Plug Power in a research note on Thursday, July 16th. Finally, Odeon Capital Group initiated coverage on shares of Plug Power in a research report on Tuesday, August 18th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Plug Power has a consensus rating of “Buy” and a consensus target price of $8.28.
In other news, CAO Martin Daniel Hull sold 33,333 shares of Plug Power stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $13.11, for a total value of $436,995.63. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Gerard L. Conway, Jr. sold 35,776 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $5.00, for a total transaction of $178,880.00. Following the completion of the sale, the senior vice president now owns 10,519 shares in the company, valued at $52,595. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,710,161 shares of company stock valued at $39,145,215. Insiders own 4.50% of the company’s stock.
Shares of NASDAQ:PLUG opened at $13.76 on Wednesday. The company has a 50 day moving average of $10.39 and a 200-day moving average of $6.18. The company has a quick ratio of 1.34, a current ratio of 1.89 and a debt-to-equity ratio of 2.27. Plug Power Inc has a twelve month low of $2.11 and a twelve month high of $14.35.
Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 6th. The electronics maker reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.07. Plug Power had a negative return on equity of 70.36% and a negative net margin of 33.33%. The firm had revenue of $68.07 million during the quarter, compared to the consensus estimate of $56.51 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, analysts expect that Plug Power Inc will post -0.29 earnings per share for the current year.
About Plug Power
Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization 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.
Featured Article: Capital Gains Distribution
Want to see what other hedge funds are holding PLUG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plug Power Inc (NASDAQ:PLUG).
Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.