Harvest Portfolios Group Inc. Has $361,000 Position in Plug Power Inc. (NASDAQ:PLUG)

Harvest Portfolios Group Inc. lifted its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 26.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 159,550 shares of the electronics maker’s stock after purchasing an additional 32,964 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Plug Power were worth $361,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PLUG. SteelPeak Wealth LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at approximately $26,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Plug Power during the 2nd quarter valued at approximately $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at approximately $28,000. Madison Park Capital Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at approximately $29,000. Finally, Profund Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at approximately $29,000. 43.48% of the stock is owned by institutional investors.

Plug Power Stock Up 3.6 %

Plug Power stock opened at $2.04 on Friday. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a 12-month low of $1.60 and a 12-month high of $6.33. The firm’s fifty day moving average is $2.05 and its 200 day moving average is $2.42. The company has a market capitalization of $1.79 billion, a PE ratio of -0.86 and a beta of 1.81.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PLUG. Craig Hallum decreased their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Canaccord Genuity Group reduced their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Jefferies Financial Group reduced their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Royal Bank of Canada reduced their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Finally, Susquehanna reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus 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.