Penserra Capital Management LLC Purchases 196,722 Shares of Plug Power Inc. (NASDAQ:PLUG)

Penserra Capital Management LLC lifted its holdings in Plug Power Inc. (NASDAQ:PLUG) by 27.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 906,515 shares of the electronics maker’s stock after purchasing an additional 196,722 shares during the period. Penserra Capital Management LLC owned 0.10% of Plug Power worth $2,048,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PLUG. Nations Financial Group Inc. IA ADV bought a new position in Plug Power in the 2nd quarter worth approximately $26,000. SteelPeak Wealth LLC acquired a new position in Plug Power during the 2nd quarter valued at $26,000. Aire Advisors LLC acquired a new position in Plug Power during the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC bought a new stake in Plug Power in the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC acquired a new stake in Plug Power in the 2nd quarter worth $29,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PLUG. Jefferies Financial Group cut their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Canaccord Genuity Group cut their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Wells Fargo & Company decreased their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Craig Hallum cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, Evercore ISI reduced their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

Plug Power stock opened at $2.20 on Tuesday. The stock has a 50-day simple moving average of $2.08 and a 200 day simple moving average of $2.38. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of -1.03 and a beta of 1.81. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power Inc. has a 12-month low of $1.60 and a 12-month high of $5.14.

Plug Power (NASDAQ:PLUG) last announced its 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same period in the prior year, the firm posted ($0.47) earnings per share. The company’s revenue was down 12.6% on a year-over-year basis. On average, research analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

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.