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Dec 19, 2023, 4:31 am EST
Stock futures traded flat Tuesday, a day after the S&P 500 finished up 0.5% and moved closer to its all-time. The broad market index stands just 1.2% below its record of 4,796.56 reached in early January 2022.
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Bank of New York Mellon Corp trimmed its stake in shares of Plug Power Inc. (NASDAQ:PLUG – Free Report) by 54.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,550,913 shares of the electronics maker’s stock after selling 1,868,217 shares during the period. Bank of New York Mellon Corp owned approximately 0.26% of Plug Power worth $16,114,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Norges Bank bought a new position in Plug Power in the 4th quarter valued at $211,176,000. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Plug Power by 128,905.5% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 16,955,199 shares of the electronics maker’s stock valued at $176,165,000 after acquiring an additional 16,942,056 shares during the period. BlackRock Inc. boosted its stake in shares of Plug Power by 3.0% in the 1st quarter. BlackRock Inc. now owns 52,381,858 shares of the electronics maker’s stock valued at $613,915,000 after purchasing an additional 1,534,756 shares during the last quarter. Korea Investment CORP grew its holdings in Plug Power by 359.5% during the 1st quarter. Korea Investment CORP now owns 1,865,793 shares of the electronics maker’s stock worth $21,867,000 after acquiring an additional 1,459,751 shares during the period. Finally, UBS Group AG increased its holdings in Plug Power by 671.7% in the first quarter. UBS Group AG now owns 1,586,124 shares of the electronics maker’s stock valued at $18,589,000 after purchasing an additional 1,380,583 shares during the last quarter. 49.99% of the stock is owned by institutional investors.
In other Plug Power news, insider Jose Luis Crespo sold 31,958 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $7.20, for a total value of $230,097.60. Following the transaction, the insider now owns 250,609 shares in the company, valued at $1,804,384.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.
PLUG stock opened at $3.47 on Tuesday. Plug Power Inc. has a 1-year low of $3.22 and a 1-year high of $18.88. The company has a current ratio of 2.41, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $6.97 and a 200-day moving average price of $8.77. The firm has a market cap of $2.09 billion, a PE ratio of -2.17 and a beta of 1.98.
Plug Power (NASDAQ:PLUG – Get Free Report) last released its quarterly earnings data on Thursday, November 9th. The electronics maker reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.15). The company had revenue of $198.71 million during the quarter, compared to the consensus estimate of $219.57 million. Plug Power had a negative net margin of 106.74% and a negative return on equity of 24.18%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.30) EPS. As a group, equities research analysts expect that Plug Power Inc. will post -1.32 earnings per share for the current year.
Several analysts recently commented on the company. Royal Bank of Canada downgraded Plug Power from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $12.00 to $5.00 in a research note on Friday. HC Wainwright reduced their target price on Plug Power from $78.00 to $27.00 and set a “buy” rating for the company in a research note on Monday, October 16th. BMO Capital Markets dropped their target price on Plug Power from $8.00 to $3.75 and set a “market perform” rating for the company in a report on Friday. Oppenheimer cut shares of Plug Power from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Morgan Stanley lowered their price target on Plug Power from $9.00 to $3.50 and set an “equal weight” rating for the company in a report on Monday. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $12.70.
Get Our Latest Stock Analysis on PLUG
Plug Power Inc delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including liquid green hydrogen production, storage and handling, transportation, and dispensing infrastructure.
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These Stocks Are Moving the Most Today: Plug Power, Trade Desk, Doximity, Unity Software, Illumina, Wynn, and More
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Plug Power, Inc. provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses. The company was founded by George C. McNamee and Larry G. Garberding on June 27, 1997, and is headquartered in Latham, NY.
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Each week we identify names that look bearish and may present interesting investing opportunities on the short side.
Using technical analysis of the charts of those stocks, and, when appropriate, recent actions and grades from TheStreet’s Quant Ratings, we zero in on three names.
While we will not be weighing in with fundamental analysis, we hope this piece will give investors interested in stocks on the way down a good starting point to do further homework on the names.
Plug Power Inc. (PLUG) recently was downgraded to Sell with a D+ rating by TheStreet’s Quant Ratings.
One of the better fuel cell names of late, Plug Power has fallen sharply on very strong turnover and it appears the downside is not finished. Money flow is weak while moving average convergence divergence (MACD) is on a sell signal.
There is just nothing here to support the stock until the May lows are reached. That level comes in around the $13 area, so a short right here at $18.60 makes a nice objective to the May lows. Put in a stop at $22.50 just in case. If that May low falls we’ll see PLUG make a run to single digits.
Dominion Energy Inc. (D) recently was downgraded to Hold with a C+ rating by TheStreet’s Quant Ratings.
The electricity and natural gas supplier has been falling hard for about a month. The decline started in early September; now the stock is in a major tailspin with no buyers in sight.
The money flow shows the emphatic selling across the board. Relative strength is bending lower at a very steep angle; there seems to be more downside, if you can believe that! Support was knifed through at the $72 level and a waterfall move has happened since. How about a short play here at $63, adding more to the position with a move up to $67 and targeting the $50 level. Put in a stop at $65.
Bruker Corp. BRKR recently was downgraded to Hold with a C+ rating by TheStreet’s Quant Ratings.
The maker of scientific instruments and diagnostic tools has a very odd chart formation. We don’t often see these V patterns roll over so quickly, but that is the case here.
Withering money flow and a stall out in relative strength plagues the stock. Volume trends have strengthened and are leaning bearish, and the cloud is red, too — that foretells more downside to come. There is some support here at the apex of the V bottom, but not much more beyond that. Take a short here, put a stop in at $58 and ride this down to $45.
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