Van ECK Associates Corp Purchases 293,529 Shares of Plug Power, Inc. $PLUG

Van ECK Associates Corp increased its stake in shares of Plug Power, Inc. (NASDAQ:PLUG) by 5.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,548,968 shares of the electronics maker’s stock after buying an additional 293,529 shares during the period. Van ECK Associates Corp owned 0.40% of Plug Power worth $15,038,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in 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 valued at $26,000 after purchasing an additional 7,000 shares in the last quarter. Sender Co & Partners Inc. acquired a new position in Plug Power during the second quarter worth $26,000. DUTCH ASSET Corp bought a new stake in Plug Power during the fourth quarter worth about $29,000. Independent Advisor Alliance acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $30,000. Finally, International Assets Investment Management LLC lifted its stake in Plug Power by 53.6% in the fourth quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker’s stock valued at $31,000 after acquiring an additional 5,503 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Stock Down 1.4%

Shares of Plug Power stock opened at $2.16 on Tuesday. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -1.71 and a beta of 2.20. The company’s 50 day moving average price is $2.28 and its 200-day moving average price is $2.60. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.32 and a current ratio of 2.32. Plug Power, Inc. has a 52-week low of $1.41 and a 52-week high of $4.58.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The business had revenue of $178.30 million for the quarter, compared to analysts’ expectations of $169.11 million. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities research analysts forecast that Plug Power, Inc. will post -0.26 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. B. Riley Financial raised their target price on shares of Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Wells Fargo & Company upped their price objective on Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, May 19th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Plug Power in a research note on Tuesday, August 11th. Susquehanna decreased their price objective on shares of Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a research report on Friday, July 10th. Finally, Oppenheimer reissued a “market perform” rating on shares of Plug Power in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus target price of $3.59.

Plug Power Company Profile

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.