Plug Power, Inc. (PLUG) Short Interest Down 5.3% in September
Plug Power, Inc. (NASDAQ:PLUG) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totalling 39,968,091 shares, a decline of 5.3% from the August 31st total of 42,195,922 shares. Based on an average daily trading volume, of 3,834,418 shares, the days-to-cover ratio is presently 10.4 days. Approximately 18.0% of the shares of the stock are short sold.
In other Plug Power news, Director George C. Mcnamee acquired 200,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were purchased at an average price of $2.20 per share, with a total value of $440,000.00. Following the completion of the acquisition, the director now directly owns 486,131 shares of the company’s stock, valued at approximately $1,069,488.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC bought a new stake in Plug Power during the second quarter worth approximately $102,000. Adalta Capital Management LLC acquired a new stake in Plug Power in the second quarter worth approximately $106,000. Private Advisor Group LLC lifted its position in Plug Power by 160.9% in the first quarter. Private Advisor Group LLC now owns 51,318 shares of the electronics maker’s stock worth $115,000 after purchasing an additional 31,646 shares during the period. Archford Capital Strategies LLC lifted its position in Plug Power by 20,422.2% in the second quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock worth $115,000 after purchasing an additional 1,838 shares during the period. Finally, Creative Planning lifted its position in Plug Power by 41.5% in the second quarter. Creative Planning now owns 70,472 shares of the electronics maker’s stock worth $144,000 after purchasing an additional 20,673 shares during the period. Institutional investors and hedge funds own 23.49% of the company’s stock.
Plug Power (NASDAQ PLUG) opened at 2.61 on Monday. The stock’s market capitalization is $586.55 million. Plug Power has a 1-year low of $0.83 and a 1-year high of $2.82. The company has a 50-day moving average price of $2.18 and a 200 day moving average price of $2.00.
Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The company had revenue of $22.60 million for the quarter, compared to the consensus estimate of $28.58 million. Plug Power had a negative return on equity of 86.35% and a negative net margin of 112.95%. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) earnings per share. On average, equities analysts predict that Plug Power will post ($0.32) EPS for the current year.
PLUG has been the subject of a number of recent analyst reports. Cowen and Company set a $3.00 target price on Plug Power and gave the company a “buy” rating in a report on Thursday, August 10th. HC Wainwright set a $4.00 target price on shares of Plug Power and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Zacks Investment Research cut shares of Plug Power from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. BidaskClub raised shares of Plug Power from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Rodman & Renshaw reiterated a “buy” rating and issued a $4.00 price target on shares of Plug Power in a report on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Plug Power presently has a consensus rating of “Hold” and a consensus target price of $2.83.
Plug Power Company Profile
Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.
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