Plug Power, Inc. $PLUG Holdings Trimmed by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its position in shares of Plug Power, Inc. (NASDAQ:PLUG) by 51.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 435,975 shares of the electronics maker’s stock after selling 463,014 shares during the quarter. Hsbc Holdings PLC’s holdings in Plug Power were worth $985,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in shares of Plug Power by 116.7% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after buying an additional 7,000 shares during the period. Kestra Private Wealth Services LLC acquired a new position in Plug Power during the third quarter valued at $32,000. DUTCH ASSET Corp acquired a new position in Plug Power during the fourth quarter valued at $29,000. Independent Advisor Alliance acquired a new position in Plug Power during the fourth quarter valued at $30,000. Finally, GAMMA Investing LLC lifted its stake in Plug Power by 174.2% in the 4th quarter. GAMMA Investing LLC now owns 15,527 shares of the electronics maker’s stock worth $31,000 after acquiring an additional 9,865 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $1.96 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40. Plug Power, Inc. has a one year low of $1.39 and a one year high of $4.58. The business’s 50-day moving average price is $2.84 and its two-hundred day moving average price is $2.61. The company has a market capitalization of $2.73 billion, a P/E ratio of -1.48 and a beta of 2.16.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The business’s quarterly revenue was up 22.3% on a year-over-year basis. During the same period last year, the business earned ($0.21) EPS. Analysts anticipate that Plug Power, Inc. will post -0.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Susquehanna decreased their price objective on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a research report on Friday, July 10th. TD Cowen increased their price target on shares of Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Company raised their price target on shares of Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Weiss Ratings raised shares of Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 10th. Finally, BMO Capital Markets upped their price objective on shares of Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.30.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.