Plug Power, Inc. (PLUG) Short Interest Update

Plug Power, Inc. (NASDAQ:PLUG) was the target of a large growth in short interest during the month of October. As of October 13th, there was short interest totalling 33,504,964 shares, a growth of 9.8% from the September 29th total of 30,503,722 shares. Approximately 14.9% of the company’s stock are short sold. Based on an average daily volume of 7,446,582 shares, the short-interest ratio is currently 4.5 days.

In related news, Director George C. Mcnamee purchased 200,000 shares of the business’s stock in a transaction on Friday, September 15th. The stock was acquired at an average price of $2.20 per share, for a total transaction of $440,000.00. Following the purchase, the director now owns 486,131 shares of the company’s stock, valued at $1,069,488.20. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.90% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of 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 acquiring an additional 2,444,005 shares in the last quarter. State Street Corp increased its position in shares of 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 acquiring an additional 477,438 shares in the last quarter. Northern Trust Corp increased its position in shares of 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 acquiring an additional 800,320 shares in the last quarter. Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 407,653 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of 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 acquiring an additional 448,639 shares in the last quarter. 23.48% of the stock is owned by institutional investors.

Plug Power (PLUG) opened at 2.73 on Tuesday. The stock’s market cap is $613.51 million. The stock has a 50 day moving average price of $2.63 and a 200-day moving average price of $2.26. Plug Power has a 52 week low of $0.83 and a 52 week high of $3.07.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.03). The firm had revenue of $22.60 million for the quarter, compared to the consensus estimate of $28.58 million. Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. Plug Power’s revenue was up 10.5% on a year-over-year basis. During the same period last year, the business earned ($0.04) EPS. On average, equities analysts anticipate that Plug Power will post ($0.39) EPS for the current fiscal year.

PLUG has been the topic of a number of research analyst reports. Cowen and Company set a $3.00 target price on Plug Power and gave the stock a “buy” rating in a research note on Thursday, August 10th. HC Wainwright set a $4.00 target price on Plug Power and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Rodman & Renshaw restated a “buy” rating and issued a $4.00 target price on shares of Plug Power in a research note on Monday, July 24th. Zacks Investment Research upgraded Plug Power from a “hold” rating to a “buy” rating and set a $2.50 target price on the stock in a research note on Friday, July 28th. Finally, Craig Hallum boosted their target price on Plug Power from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Plug Power currently has a consensus rating of “Hold” and an average target price of $2.98.

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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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