Brave Asset Management Inc. Trims Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

Brave Asset Management Inc. cut its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 20.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,900 shares of the electronics maker’s stock after selling 5,000 shares during the quarter. Brave Asset Management Inc.’s holdings in Plug Power were worth $90,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PLUG. ICA Group Wealth Management LLC bought a new position in Plug Power during the 4th quarter worth approximately $35,000. Strategic Investment Solutions Inc. IL bought a new position in Plug Power during the first quarter worth $41,000. Millburn Ridgefield Corp acquired a new position in Plug Power in the third quarter worth $29,000. Exchange Traded Concepts LLC increased its stake in Plug Power by 30.3% during the third quarter. Exchange Traded Concepts LLC now owns 6,486 shares of the electronics maker’s stock valued at $49,000 after purchasing an additional 1,510 shares during the last quarter. Finally, Ossiam raised its holdings in shares of Plug Power by 32.5% during the first quarter. Ossiam now owns 6,712 shares of the electronics maker’s stock worth $79,000 after purchasing an additional 1,646 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Trading Up 0.3 %

PLUG stock traded up $0.01 during mid-day trading on Thursday, reaching $3.44. 22,213,232 shares of the stock traded hands, compared to its average volume of 44,985,031. Plug Power Inc. has a 52-week low of $2.26 and a 52-week high of $13.44. The stock’s fifty day moving average is $3.70 and its 200-day moving average is $4.83. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. The company has a market cap of $2.35 billion, a P/E ratio of -1.50 and a beta of 1.56.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.52). The business 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 firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.38) earnings per share. As a group, sell-side analysts expect that Plug Power Inc. will post -0.97 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PLUG shares. Piper Sandler boosted their price objective on shares of Plug Power from $2.80 to $2.90 and gave the company an “underweight” rating in a research report on Tuesday, March 5th. Morgan Stanley reiterated 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. Roth Capital raised Plug Power from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Seaport Res Ptn downgraded Plug Power from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 6th. Finally, Roth Mkm raised Plug Power from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.50 to $9.00 in a research report on Wednesday, January 31st. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average 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.