Janney Montgomery Scott LLC Sells 9,791 Shares of Plug Power Inc. (NASDAQ:PLUG)

Janney Montgomery Scott LLC decreased its position in Plug Power Inc. (NASDAQ:PLUG – Free Report) by 16.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,254 shares of the electronics maker’s stock after selling 9,791 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Plug Power were worth $173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Treasurer of the State of North Carolina boosted its holdings in Plug Power by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock valued at $1,049,000 after acquiring an additional 2,280 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Plug Power by 15.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 18,585 shares of the electronics maker’s stock worth $84,000 after buying an additional 2,526 shares during the period. Prime Capital Investment Advisors LLC grew its stake in Plug Power by 19.4% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock valued at $98,000 after purchasing an additional 3,556 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in Plug Power by 17.6% during the 4th quarter. Stratos Wealth Partners LTD. now owns 25,635 shares of the electronics maker’s stock valued at $115,000 after purchasing an additional 3,832 shares during the last quarter. Finally, HC Advisors LLC boosted its stake in shares of Plug Power by 1.6% in the fourth quarter. HC Advisors LLC now owns 310,200 shares of the electronics maker’s stock worth $1,396,000 after buying an additional 5,000 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

Insider Activity at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the sale, the director now directly owns 639,572 shares in the company, valued at $1,637,304.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.70% of the stock is currently owned by company insiders.

Plug Power Trading Up 6.9%

NASDAQ:PLUG opened at $2.49 on Friday. The firm has a market cap of $1.85 billion, a PE ratio of -1.04 and a beta of 1.81. The stock has a fifty day moving average price of $2.81 and a 200 day moving average price of $3.16. Plug Power Inc. has a 12-month low of $2.21 and a 12-month high of $13.17. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17.

Plug Power (NASDAQ:PLUG – Get Free Report) last released its earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The company had revenue of $120.26 million during the quarter, compared to analysts’ expectations of $162.92 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. Sell-side analysts anticipate that Plug Power Inc. will post -1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PLUG. Piper Sandler lowered their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Susquehanna reduced their price target on Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Friday, May 10th. HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Plug Power in a report on Tuesday, May 14th. TD Cowen reduced their target price on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday, May 10th. Finally, Canaccord Genuity Group cut their price target on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, May 13th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $5.48.

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Plug Power Profile

(Free Report)

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.