Plug Power Inc. (NASDAQ:PLUG) Stake Cut by Cresset Asset Management LLC

Cresset Asset Management LLC cut its position in shares of Plug Power Inc. (NASDAQ:PLUG) by 17.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 173,059 shares of the electronics maker’s stock after selling 37,063 shares during the period. Cresset Asset Management LLC’s holdings in Plug Power were worth $369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in PLUG. Pacific Sage Partners LLC bought a new position in Plug Power during the fourth quarter worth $25,000. Oppenheimer & Co. Inc. bought a new position in Plug Power during the fourth quarter worth $25,000. Jones Financial Companies Lllp lifted its stake in Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 6,074 shares during the last quarter. Callan Family Office LLC bought a new position in Plug Power during the fourth quarter worth $27,000. Finally, Abel Hall LLC bought a new position in Plug Power during the fourth quarter worth $31,000. 43.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. StockNews.com upgraded Plug Power to a “sell” rating in a research note on Tuesday. Wells Fargo & Company cut their target price on Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Wednesday. UBS Group cut their target price on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, March 21st. BMO Capital Markets cut their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Finally, B. Riley cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $1.99.

Plug Power Price Performance

NASDAQ:PLUG opened at $0.70 on Friday. The business’s 50-day moving average price is $1.15 and its 200 day moving average price is $1.78. The firm has a market cap of $715.43 million, a P/E ratio of -0.33 and a beta of 2.19. Plug Power Inc. has a 52-week low of $0.70 and a 52-week high of $3.55. 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 (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) 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 $133.67 million during the quarter, compared to analysts’ expectations of $130.92 million. As a group, sell-side analysts predict that Plug Power Inc. will post -1.21 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.