Plug Power Inc (NASDAQ:PLUG) Sees Significant Drop in Short Interest

Plug Power Inc (NASDAQ:PLUG) saw a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 38,532,716 shares, a decline of 4.8% from the February 28th total of 40,492,610 shares. Based on an average trading volume of 8,318,476 shares, the days-to-cover ratio is presently 4.6 days. Currently, 16.7% of the shares of the stock are sold short.

Several research firms recently commented on PLUG. B. Riley set a $4.00 target price on Plug Power and gave the company a “buy” rating in a research note on Friday, March 8th. Zacks Investment Research lowered Plug Power from a “hold” rating to a “sell” rating in a research note on Friday, January 11th. ValuEngine upgraded Plug Power from a “hold” rating to a “buy” rating in a research note on Saturday, March 30th. BidaskClub lowered Plug Power from a “sell” rating to a “strong sell” rating in a research note on Friday, February 8th. Finally, Roth Capital upgraded Plug Power from a “sell” rating to a “neutral” rating and set a $1.30 target price for the company in a research note on Wednesday, January 30th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Plug Power currently has a consensus rating of “Buy” and a consensus price target of $2.58.

Plug Power stock traded up $0.01 during trading on Friday, hitting $2.57. The company’s stock had a trading volume of 2,323,413 shares, compared to its average volume of 5,219,307. Plug Power has a 1-year low of $0.99 and a 1-year high of $2.86. The company has a current ratio of 1.06, a quick ratio of 0.74 and a debt-to-equity ratio of 66.88. The firm has a market capitalization of $600.96 million, a P/E ratio of -7.14 and a beta of 1.78.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Thursday, March 7th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). Plug Power had a negative net margin of 42.87% and a negative return on equity of 289.96%. The firm had revenue of $59.80 million for the quarter, compared to analysts’ expectations of $58.40 million. During the same period last year, the firm posted ($0.08) EPS. Plug Power’s revenue was up 77.4% on a year-over-year basis. As a group, equities analysts predict that Plug Power will post -0.24 EPS for the current year.

In related news, CEO Andrew Marsh purchased 12,286 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average cost of $2.44 per share, with a total value of $29,977.84. Following the completion of the acquisition, the chief executive officer now directly owns 465,145 shares in the company, valued at approximately $1,134,953.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director George C. Mcnamee purchased 100,000 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was bought at an average cost of $2.34 per share, with a total value of $234,000.00. Following the completion of the acquisition, the director now owns 826,282 shares of the company’s stock, valued at $1,933,499.88. The disclosure for this purchase can be found here. Insiders own 6.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its position in Plug Power by 12.1% during the fourth quarter. BlackRock Inc. now owns 16,527,822 shares of the electronics maker’s stock valued at $20,494,000 after acquiring an additional 1,786,566 shares during the period. Vanguard Group Inc boosted its position in shares of Plug Power by 1.9% in the third quarter. Vanguard Group Inc now owns 10,460,068 shares of the electronics maker’s stock worth $20,082,000 after buying an additional 194,903 shares during the period. Vanguard Group Inc. boosted its position in shares of Plug Power by 1.9% in the third quarter. Vanguard Group Inc. now owns 10,460,068 shares of the electronics maker’s stock worth $20,082,000 after buying an additional 194,903 shares during the period. Odey Asset Management Group Ltd boosted its position in shares of Plug Power by 11.7% in the fourth quarter. Odey Asset Management Group Ltd now owns 5,486,413 shares of the electronics maker’s stock worth $6,803,000 after buying an additional 576,413 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Plug Power by 0.6% in the fourth quarter. Northern Trust Corp now owns 2,632,446 shares of the electronics maker’s stock worth $3,264,000 after buying an additional 16,140 shares during the period. 26.78% of the stock is owned by hedge funds and other institutional investors.

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Plug Power Company Profile

Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.

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