CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 100,848 Shares of Plug Power Inc. (NASDAQ:PLUG)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Plug Power Inc. (NASDAQ:PLUG) by 24.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 520,500 shares of the electronics maker’s stock after purchasing an additional 100,848 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.09% of Plug Power worth $2,342,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. SG Americas Securities LLC increased its position in shares of Plug Power by 183.6% in the 4th quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker’s stock valued at $7,453,000 after acquiring an additional 1,072,344 shares during the period. UniSuper Management Pty Ltd increased its position in shares of Plug Power by 78.5% in the 3rd quarter. UniSuper Management Pty Ltd now owns 2,064,304 shares of the electronics maker’s stock valued at $15,689,000 after acquiring an additional 907,604 shares during the period. Gabelli Funds LLC increased its position in shares of Plug Power by 9.4% in the 3rd quarter. Gabelli Funds LLC now owns 87,500 shares of the electronics maker’s stock valued at $665,000 after acquiring an additional 7,500 shares during the period. New York Life Investment Management LLC grew its position in Plug Power by 109.7% during the 3rd quarter. New York Life Investment Management LLC now owns 58,895 shares of the electronics maker’s stock worth $448,000 after purchasing an additional 30,807 shares during the period. Finally, Compagnie Lombard Odier SCmA grew its position in Plug Power by 21.0% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 36,250 shares of the electronics maker’s stock worth $163,000 after purchasing an additional 6,300 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Trading Up 6.5 %

Shares of NASDAQ PLUG traded up $0.21 during mid-day trading on Wednesday, hitting $3.43. 36,235,822 shares of the company traded hands, compared to its average volume of 45,362,398. The business has a 50 day moving average of $3.67 and a two-hundred day moving average of $4.85. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of -1.51 and a beta of 1.56. The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18. Plug Power Inc. has a 1 year low of $2.26 and a 1 year high of $13.44.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The company had revenue of $222.20 million for the quarter, compared to analyst estimates of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. The business’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.38) EPS. On average, sell-side analysts anticipate that Plug Power Inc. will post -0.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PLUG has been the topic of several analyst reports. Canaccord Genuity Group cut their price target on Plug Power from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, March 4th. Craig Hallum cut their price target on Plug Power from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. Roth Mkm raised Plug Power from a “neutral” rating to a “buy” rating and increased their price target for the stock from $4.50 to $9.00 in a research report on Wednesday, January 31st. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price target (down from $3.50) on shares of Plug Power in a research report on Wednesday, December 6th. Finally, Royal Bank of Canada lowered their target price on shares of Plug Power from $5.00 to $3.50 and set a “sector perform” rating on the stock in a research note on Wednesday, January 24th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $6.20.

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.