Truist Financial Corp trimmed its holdings in shares of Plug Power Inc. (NASDAQ:PLUG – Get Rating) by 68.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,512 shares of the electronics maker’s stock after selling 32,028 shares during the quarter. Truist Financial Corp’s holdings in Plug Power were worth $305,000 at the end of the most recent reporting period.
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Other hedge funds have also recently made changes to their positions in the company. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of Plug Power during the 2nd quarter valued at about $27,000. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in shares of Plug Power by 124.2% during the 3rd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,518 shares of the electronics maker’s stock valued at $31,000 after buying an additional 841 shares in the last quarter. Sandy Spring Bank raised its position in shares of Plug Power by 3,363.6% during the 2nd quarter. Sandy Spring Bank now owns 1,905 shares of the electronics maker’s stock valued at $32,000 after buying an additional 1,850 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in shares of Plug Power by 77.5% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,165 shares of the electronics maker’s stock valued at $45,000 after buying an additional 945 shares in the last quarter. Finally, Tobam bought a new position in Plug Power during the 2nd quarter valued at about $68,000. 52.07% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
PLUG has been the topic of several analyst reports. Canaccord Genuity Group reiterated a “hold” rating and set a $16.00 price target on shares of Plug Power in a report on Friday, October 21st. Wells Fargo & Company cut their price target on shares of Plug Power from $18.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, January 6th. TheStreet downgraded shares of Plug Power from a “c-” rating to a “d+” rating in a report on Monday, October 10th. Canaccord Genuity Group cut their price target on shares of Plug Power from $21.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, October 21st. Finally, JPMorgan Chase & Co. cut their price target on shares of Plug Power from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, October 13th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Plug Power currently has an average rating of “Moderate Buy” and an average target price of $26.17.
Plug Power Stock Down 2.4 %
NASDAQ:PLUG opened at $16.34 on Thursday. The firm has a market capitalization of $9.52 billion, a P/E ratio of -13.62 and a beta of 1.63. Plug Power Inc. has a 1-year low of $11.49 and a 1-year high of $32.05. The company’s fifty day moving average price is $14.52 and its 200-day moving average price is $19.34. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.09 and a quick ratio of 5.23.
Plug Power (NASDAQ:PLUG – Get Rating) last released its quarterly earnings data on Tuesday, November 8th. The electronics maker reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $188.63 million during the quarter, compared to analyst estimates of $239.94 million. Plug Power had a negative return on equity of 15.56% and a negative net margin of 107.91%. As a group, equities research analysts anticipate that Plug Power Inc. will post -1.09 EPS for the current year.
Plug Power Profile
Plug Power Inc delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications.
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