Krane Funds Advisors LLC Acquires 34,673 Shares of Plug Power Inc. (NASDAQ:PLUG)

Krane Funds Advisors LLC grew its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 8.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 436,616 shares of the electronics maker’s stock after buying an additional 34,673 shares during the period. Krane Funds Advisors LLC owned 0.06% of Plug Power worth $987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of PLUG. Mosley Wealth Management bought a new stake in Plug Power in the 1st quarter valued at $35,000. J.W. Cole Advisors Inc. purchased a new stake in shares of Plug Power in the first quarter worth about $36,000. HighPoint Advisor Group LLC bought a new position in Plug Power during the fourth quarter valued at approximately $48,000. HBK Sorce Advisory LLC purchased a new position in Plug Power during the 1st quarter valued at approximately $37,000. Finally, Nations Financial Group Inc. IA ADV purchased a new position in Plug Power during the 2nd quarter valued at approximately $26,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Stock Up 5.8 %

Shares of NASDAQ:PLUG opened at $2.37 on Tuesday. Plug Power Inc. has a 52-week low of $1.60 and a 52-week high of $6.95. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $2.03 and its 200 day moving average is $2.49. The stock has a market cap of $1.76 billion, a P/E ratio of -0.99 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data 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). The business had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. Plug Power’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.35) earnings per share. Sell-side analysts predict that Plug Power Inc. will post -1.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PLUG shares. Truist Financial lowered their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Craig Hallum reduced their target price 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. Piper Sandler decreased their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada dropped their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Finally, Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Four investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.01.

About Plug Power

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.