Plug Power Inc (NASDAQ:PLUG) was the target of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 36,588,122 shares, an increase of 4.1% from the November 15th total of 35,157,601 shares. Based on an average daily volume of 3,322,552 shares, the days-to-cover ratio is currently 11.0 days. Currently, 16.2% of the shares of the stock are short sold.
In other news, Director George C. Mcnamee purchased 200,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was acquired at an average cost of $2.20 per share, for a total transaction of $440,000.00. Following the completion of the transaction, the director now directly owns 486,131 shares in the company, valued at approximately $1,069,488.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.90% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Plug Power by 30.6% during the second quarter. Vanguard Group Inc. now owns 10,432,461 shares of the electronics maker’s stock valued at $21,283,000 after purchasing an additional 2,444,005 shares in the last quarter. State Street Corp raised its stake in Plug Power by 14.6% during the second quarter. State Street Corp now owns 3,742,566 shares of the electronics maker’s stock valued at $7,635,000 after purchasing an additional 477,438 shares in the last quarter. Northern Trust Corp raised its stake in Plug Power by 39.5% during the second quarter. Northern Trust Corp now owns 2,828,390 shares of the electronics maker’s stock valued at $5,770,000 after purchasing an additional 800,320 shares in the last quarter. Geode Capital Management LLC raised its stake in Plug Power by 30.4% during the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock valued at $2,415,000 after purchasing an additional 407,653 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Plug Power by 58.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock valued at $2,484,000 after purchasing an additional 448,639 shares in the last quarter. 24.43% of the stock is currently owned by institutional investors.
Plug Power (NASDAQ PLUG) opened at $2.39 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 1.29. Plug Power has a 12-month low of $0.83 and a 12-month high of $3.21.
Plug Power (NASDAQ:PLUG) last issued its earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.04). The firm had revenue of $61.43 million during the quarter, compared to analyst estimates of $54.57 million. Plug Power had a negative net margin of 96.27% and a negative return on equity of 83.93%. Plug Power’s revenue for the quarter was up 249.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 earnings per share. equities analysts forecast that Plug Power will post -0.51 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on the stock. B. Riley reiterated a “buy” rating and issued a $3.50 price target on shares of Plug Power in a research report on Thursday, December 7th. HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Plug Power in a research report on Thursday, December 7th. ValuEngine lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Monday, December 4th. Canaccord Genuity assumed coverage on shares of Plug Power in a research report on Friday, December 1st. They set a “buy” rating and a $5.00 target price for the company. Finally, Zacks Investment Research lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. Four investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $3.23.
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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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