Sovran Advisors LLC Takes $127,000 Position in Plug Power Inc. (NASDAQ:PLUG)

Sovran Advisors LLC bought a new position in shares of Plug Power Inc. (NASDAQ:PLUG) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 59,584 shares of the electronics maker’s stock, valued at approximately $127,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Pacific Sage Partners LLC acquired a new stake in Plug Power during the fourth quarter worth approximately $25,000. Prio Wealth Limited Partnership purchased a new position in shares of Plug Power in the 3rd quarter valued at $29,000. Catalyst Capital Advisors LLC raised its stake in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares in the last quarter. First Commonwealth Financial Corp PA purchased a new stake in Plug Power in the third quarter valued at $29,000. Finally, Millburn Ridgefield Corp boosted its stake in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Price Performance

Shares of PLUG opened at $1.76 on Friday. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $2.29 and its two-hundred day moving average is $2.15. Plug Power Inc. has a twelve month low of $1.57 and a twelve month high of $4.90. The firm has a market capitalization of $1.60 billion, a PE ratio of -0.82 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.47) earnings per share. Research analysts anticipate that Plug Power Inc. will post -1.21 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Craig Hallum cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Evercore ISI decreased their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Susquehanna lifted their target price on shares of Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, Piper Sandler decreased their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.12.

About Plug Power

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.