Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)
Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Plug Power Inc. (NASDAQ:PLUG) by 58.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,933 shares of the electronics maker’s stock after selling 59,018 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Plug Power were worth $562,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Proffitt & Goodson Inc. purchased a new stake in shares of Plug Power in the third quarter worth approximately $25,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Plug Power in the third quarter worth approximately $27,000. Creative Financial Designs Inc. ADV raised its holdings in shares of Plug Power by 106.8% in the second quarter. Creative Financial Designs Inc. ADV now owns 4,550 shares of the electronics maker’s stock worth $37,000 after buying an additional 2,350 shares during the period. Captrust Financial Advisors purchased a new stake in shares of Plug Power in the second quarter worth approximately $38,000. Finally, Petix & Botte Co purchased a new stake in shares of Plug Power in the second quarter worth approximately $41,000. Hedge funds and other institutional investors own 44.56% of the company’s stock.
Several research analysts have commented on the company. Roth Capital raised their price objective on Plug Power from $14.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, November 10th. ValuEngine upgraded Plug Power from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. BidaskClub upgraded Plug Power from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 3rd. Oppenheimer raised their price objective on Plug Power from $13.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, November 10th. Finally, Morgan Stanley upgraded Plug Power from an “equal weight” rating to an “overweight” rating and set a $14.00 price objective on the stock in a report on Monday, September 28th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $22.13.
Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, November 9th. The electronics maker reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.04). Plug Power had a negative return on equity of 70.36% and a negative net margin of 33.33%. The firm had revenue of $107.00 million for the quarter, compared to analyst estimates of $105.76 million. During the same period in the prior year, the firm posted ($0.09) EPS. The business’s revenue was up 89.4% compared to the same quarter last year. Analysts predict that Plug Power Inc. will post -0.27 EPS for the current fiscal year.
In other news, CEO Andrew Marsh sold 271,078 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $12.96, for a total value of $3,513,170.88. Following the completion of the transaction, the chief executive officer now owns 321,079 shares of the company’s stock, valued at approximately $4,161,183.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Fivet Capital Holding Ag sold 1,915,034 shares of the business’s stock in a transaction dated Friday, November 13th. The shares were sold at an average price of $23.11, for a total value of $44,256,435.74. Following the completion of the transaction, the director now directly owns 227,112 shares of the company’s stock, valued at approximately $5,248,558.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,950,047 shares of company stock valued at $76,484,411. 4.50% of the stock is currently owned by insiders.
About Plug Power
Plug Power Inc provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets 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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