Plug Power Inc (NASDAQ:PLUG) saw a significant drop in short interest in September. As of September 28th, there was short interest totalling 33,729,255 shares, a drop of 6.2% from the September 14th total of 35,976,679 shares. Based on an average daily trading volume, of 2,550,873 shares, the days-to-cover ratio is presently 13.2 days. Approximately 15.9% of the shares of the stock are short sold.
Shares of PLUG stock opened at $1.81 on Friday. The company has a debt-to-equity ratio of 4.16, a current ratio of 1.07 and a quick ratio of 0.69. The stock has a market capitalization of $412.41 million, a P/E ratio of -3.02 and a beta of 1.08. Plug Power has a 12 month low of $1.53 and a 12 month high of $3.21.
Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Thursday, August 9th. The electronics maker reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.03). The firm had revenue of $39.93 million during the quarter, compared to analyst estimates of $40.52 million. Plug Power had a negative return on equity of 108.78% and a negative net margin of 66.16%. Plug Power’s revenue for the quarter was up 76.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.10) earnings per share. Equities analysts anticipate that Plug Power will post -0.19 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on the company. BidaskClub lowered Plug Power from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 6th. ValuEngine lowered Plug Power from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Zacks Investment Research upgraded Plug Power from a “sell” rating to a “hold” rating in a research note on Thursday, September 13th. CIBC initiated coverage on Plug Power in a research report on Thursday, August 23rd. They issued an “outperform” rating and a $2.50 price objective for the company. Finally, Oppenheimer initiated coverage on Plug Power in a research report on Thursday, August 23rd. They issued an “outperform” rating and a $2.50 price objective for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $3.29.
In other news, Director Gregory B. Graves sold 31,343 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $1.73, for a total value of $54,223.39. Following the completion of the sale, the director now directly owns 43,296 shares in the company, valued at $74,902.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY increased its position in Plug Power by 183.4% in the second quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock worth $148,000 after purchasing an additional 47,559 shares during the period. MetLife Investment Advisors LLC boosted its holdings in Plug Power by 100.0% during the first quarter. MetLife Investment Advisors LLC now owns 107,957 shares of the electronics maker’s stock worth $204,000 after buying an additional 53,968 shares during the last quarter. Global X Management Co LLC bought a new position in Plug Power during the second quarter worth about $266,000. LPL Financial LLC bought a new position in Plug Power during the first quarter worth about $270,000. Finally, UBS Group AG boosted its holdings in Plug Power by 122.6% during the first quarter. UBS Group AG now owns 150,221 shares of the electronics maker’s stock worth $284,000 after buying an additional 82,741 shares during the last quarter. Hedge funds and other institutional investors own 30.46% of the company’s stock.
Plug Power Company Profile
Plug Power Inc, an alternative energy technology provider, engages in the design, development, commercialization, and manufacture of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.
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