Eastern Bank Takes Position in Plug Power Inc. (NASDAQ:PLUG)

Eastern Bank bought a new stake in shares of Plug Power Inc. (NASDAQ:PLUG) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 23,625 shares of the electronics maker’s stock, valued at approximately $53,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. SteelPeak Wealth LLC bought a new position in Plug Power during the second quarter worth $26,000. Nations Financial Group Inc. IA ADV bought a new position in Plug Power during the second quarter worth $26,000. Aire Advisors LLC bought a new position in Plug Power during the second quarter worth $28,000. Madison Park Capital Advisors LLC bought a new position in Plug Power during the second quarter worth $29,000. Finally, Profund Advisors LLC bought a new position in Plug Power during the second quarter worth $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Price Performance

Shares of Plug Power stock opened at $2.15 on Friday. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $2.04 and its two-hundred day moving average price is $2.46. Plug Power Inc. has a 52 week low of $1.60 and a 52 week high of $6.95. The stock has a market cap of $1.89 billion, a PE ratio of -0.91 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same quarter last year, the firm posted ($0.35) earnings per share. Plug Power’s revenue was down 44.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on PLUG shares. Canaccord Genuity Group reduced their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Piper Sandler reduced their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Jefferies Financial Group cut their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Wells Fargo & Company cut their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Susquehanna cut their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Plug Power presently has an average rating of “Hold” and an average price target of $5.01.

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.