Brave Asset Management Inc. Sells 5,000 Shares of Plug Power Inc. (NASDAQ:PLUG)

Brave Asset Management Inc. lowered its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 20.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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.

Several other large investors have also bought and sold shares of the stock. Millburn Ridgefield Corp bought a new stake in shares of Plug Power in the 3rd quarter worth $29,000. ICA Group Wealth Management LLC purchased a new position in Plug Power during the fourth quarter worth about $35,000. Strategic Investment Solutions Inc. IL bought a new stake in Plug Power in the 1st quarter worth about $41,000. Exchange Traded Concepts LLC increased its stake in Plug Power by 30.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 6,486 shares of the electronics maker’s stock valued at $49,000 after buying an additional 1,510 shares during the last quarter. Finally, First Affirmative Financial Network bought a new position in shares of Plug Power during the 4th quarter worth approximately $50,000. 43.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PLUG has been the subject of several recent analyst reports. HSBC reduced their target price on Plug Power from $9.00 to $8.50 and set a “buy” rating for the company in a report on Tuesday, March 5th. Redburn Atlantic initiated coverage on Plug Power in a research report on Tuesday, February 6th. They set a “neutral” rating and a $4.50 target price for the company. B. Riley cut their price target on shares of Plug Power from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Piper Sandler raised their price objective on shares of Plug Power from $2.80 to $2.90 and gave the stock an “underweight” rating in a report on Tuesday, March 5th. Finally, Truist Financial lifted their price objective on shares of Plug Power from $3.00 to $4.00 and gave the stock a “hold” rating in a research report on Wednesday, February 28th. Three investment 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’s stock. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $6.20.

Plug Power Stock Performance

Shares of NASDAQ PLUG traded up $0.01 during mid-day trading on Thursday, hitting $3.44. The company had a trading volume of 22,213,232 shares, compared to its average volume of 44,985,031. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. Plug Power Inc. has a 1 year low of $2.26 and a 1 year high of $13.44. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -1.50 and a beta of 1.56. The stock’s 50-day moving average price is $3.70 and its 200-day moving average price is $4.83.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The company had revenue of $222.20 million during the quarter, compared to the consensus estimate of $234.21 million. During the same quarter in the prior year, the business earned ($0.38) EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, sell-side analysts forecast that Plug Power Inc. will post -0.97 earnings per share for the current year.

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.