Prudential PLC Buys 11,998 Shares of Plug Power Inc. (NASDAQ:PLUG)

Prudential PLC lifted its stake in Plug Power Inc. (NASDAQ:PLUG – Get Rating) by 108.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,055 shares of the electronics maker’s stock after purchasing an additional 11,998 shares during the quarter. Prudential PLC’s holdings in Plug Power were worth $285,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PLUG. Vanguard Group Inc. raised its position in Plug Power by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 51,003,648 shares of the electronics maker’s stock worth $1,071,588,000 after buying an additional 712,632 shares during the last quarter. State Street Corp grew its stake in shares of Plug Power by 6.3% in the third quarter. State Street Corp now owns 14,008,927 shares of the electronics maker’s stock worth $294,328,000 after acquiring an additional 826,142 shares during the period. Robeco Schweiz AG grew its stake in shares of Plug Power by 73.9% in the fourth quarter. Robeco Schweiz AG now owns 4,329,600 shares of the electronics maker’s stock worth $53,557,000 after acquiring an additional 1,839,600 shares during the period. First Trust Advisors LP grew its stake in shares of Plug Power by 14.3% in the first quarter. First Trust Advisors LP now owns 3,968,391 shares of the electronics maker’s stock worth $113,536,000 after acquiring an additional 495,702 shares during the period. Finally, Two Sigma Investments LP grew its position in Plug Power by 310.7% during the third quarter. Two Sigma Investments LP now owns 3,456,638 shares of the electronics maker’s stock valued at $72,624,000 after buying an additional 2,615,081 shares during the period. 52.07% of the stock is owned by institutional investors.

Plug Power Trading Down 1.8 %

NASDAQ:PLUG opened at $7.73 on Friday. Plug Power Inc. has a one year low of $7.39 and a one year high of $31.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.25 and a current ratio of 4.39. The firm has a 50-day simple moving average of $9.62 and a 200-day simple moving average of $13.08.

Plug Power (NASDAQ:PLUG – Get Rating) last posted its quarterly earnings results on Tuesday, May 9th. The electronics maker reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.08). The business had revenue of $210.29 million during the quarter, compared to the consensus estimate of $207.67 million. Plug Power had a negative net margin of 100.41% and a negative return on equity of 18.72%. The company’s revenue for the quarter was up 49.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.27) EPS. On average, equities research analysts forecast that Plug Power Inc. will post -0.88 earnings per share for the current year.

Wall Street Analyst Weigh In

PLUG has been the topic of several analyst reports. Truist Financial dropped their price target on shares of Plug Power from $11.00 to $9.00 in a research note on Thursday, May 11th. KeyCorp decreased their price objective on shares of Plug Power from $31.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Citigroup decreased their price objective on shares of Plug Power from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Sunday, March 5th. Morgan Stanley downgraded shares of Plug Power from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $35.00 to $15.00 in a research report on Monday, April 3rd. Finally, Cowen decreased their price objective on shares of Plug Power from $30.00 to $23.00 in a research report on Thursday, January 26th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.43.

Plug Power Profile

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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.