NJ State Employees Deferred Compensation Plan Takes Position in Plug Power, Inc. (PLUG)

NJ State Employees Deferred Compensation Plan acquired a new position in shares of Plug Power, Inc. (NASDAQ:PLUG) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 300,000 shares of the electronics maker’s stock, valued at approximately $783,000. NJ State Employees Deferred Compensation Plan owned about 0.13% of Plug Power as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. New Jersey Better Educational Savings Trust acquired a new position in Plug Power during the third quarter worth $444,000. Archford Capital Strategies LLC raised its holdings in Plug Power by 20,422.2% during the second quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock worth $115,000 after purchasing an additional 1,838 shares during the last quarter. Adalta Capital Management LLC acquired a new position in Plug Power during the second quarter worth $106,000. California State Teachers Retirement System raised its holdings in Plug Power by 5.1% during the second quarter. California State Teachers Retirement System now owns 395,969 shares of the electronics maker’s stock worth $808,000 after purchasing an additional 19,300 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Plug Power by 17.5% during the second quarter. The Manufacturers Life Insurance Company now owns 177,008 shares of the electronics maker’s stock worth $361,000 after purchasing an additional 26,426 shares during the last quarter. 23.48% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on PLUG. Rodman & Renshaw reaffirmed a “buy” rating and set a $4.00 price objective on shares of Plug Power in a report on Monday, July 24th. Cowen and Company set a $3.00 price objective on Plug Power and gave the stock a “buy” rating in a report on Monday, July 10th. BidaskClub raised Plug Power from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research cut Plug Power from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Finally, Roth Capital reaffirmed a “sell” rating and set a $1.30 price objective on shares of Plug Power in a report on Sunday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $2.98.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The company had revenue of $22.60 million for the quarter, compared to analyst estimates of $28.58 million. During the same quarter last year, the company posted ($0.04) EPS. Plug Power’s revenue was up 10.5% on a year-over-year basis.

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

About Plug Power

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.

Institutional Ownership by Quarter for Plug Power (NASDAQ:PLUG)

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