B. Riley Wealth Advisors Inc. Decreases Stock Position in Plug Power Inc. (NASDAQ:PLUG)

B. Riley Wealth Advisors Inc. cut its position in Plug Power Inc. (NASDAQ:PLUG) by 47.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,209 shares of the electronics maker’s stock after selling 12,803 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Plug Power were worth $31,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in PLUG. Sanctuary Advisors LLC purchased a new stake in shares of Plug Power during the third quarter worth $206,000. Arete Wealth Advisors LLC boosted its position in Plug Power by 575.8% during the third quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock worth $332,000 after acquiring an additional 125,347 shares during the last quarter. Geode Capital Management LLC grew its stake in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after acquiring an additional 3,662,456 shares in the last quarter. Duff & Phelps Investment Management Co. raised its holdings in Plug Power by 31.7% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock valued at $170,000 after acquiring an additional 18,110 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in Plug Power in the 3rd quarter worth approximately $823,000. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Trading Up 11.3 %

PLUG opened at $2.56 on Monday. Plug Power Inc. has a 52 week low of $1.60 and a 52 week high of $5.14. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $2.18 and a 200-day simple moving average of $2.26. The firm has a market cap of $2.33 billion, a P/E ratio of -1.20 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.47) EPS. On average, equities analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PLUG. Piper Sandler dropped their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Evercore ISI reduced their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Canaccord Genuity Group dropped their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Craig Hallum reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.52.

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.