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.
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.
What are top analysts saying about Plug Power Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Plug Power Inc. and related companies.