Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Cuts Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lessened its stake in Plug Power Inc. (NASDAQ:PLUG) by 33.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 211,833 shares of the electronics maker’s stock after selling 106,482 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Plug Power were worth $2,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. US Bancorp DE grew its stake in shares of Plug Power by 7.9% during the first quarter. US Bancorp DE now owns 11,362 shares of the electronics maker’s stock worth $324,000 after acquiring an additional 833 shares during the last quarter. MetLife Investment Management LLC purchased a new stake in shares of Plug Power during the first quarter worth about $947,000. Dimensional Fund Advisors LP grew its stake in shares of Plug Power by 34.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,250,478 shares of the electronics maker’s stock worth $35,771,000 after acquiring an additional 320,262 shares during the last quarter. Blair William & Co. IL grew its stake in shares of Plug Power by 12.6% during the first quarter. Blair William & Co. IL now owns 8,328 shares of the electronics maker’s stock worth $238,000 after acquiring an additional 934 shares during the last quarter. Finally, Prudential PLC purchased a new stake in shares of Plug Power during the first quarter worth about $248,000. Hedge funds and other institutional investors own 49.99% of the company’s stock.

Plug Power Trading Down 4.3 %

Shares of PLUG stock opened at $4.00 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.41 and a quick ratio of 1.31. Plug Power Inc. has a 1-year low of $3.22 and a 1-year high of $18.88. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -2.50 and a beta of 1.98. The stock has a 50 day simple moving average of $6.64 and a 200-day simple moving average of $8.64.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, November 9th. The electronics maker reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.15). Plug Power had a negative return on equity of 24.18% and a negative net margin of 106.74%. The firm had revenue of $198.71 million for the quarter, compared to analysts’ expectations of $219.57 million. During the same quarter in the previous year, the firm posted ($0.30) earnings per share. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, equities research analysts expect that Plug Power Inc. will post -1.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PLUG shares. Citigroup downgraded Plug Power from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $12.50 to $5.00 in a report on Thursday. JPMorgan Chase & Co. downgraded Plug Power from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $6.00 in a report on Friday, November 10th. Roth Mkm reaffirmed a “neutral” rating and set a $7.50 target price (down previously from $13.00) on shares of Plug Power in a report on Thursday, August 10th. BMO Capital Markets decreased 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, November 10th. Finally, Truist Financial decreased their target price on Plug Power from $8.00 to $6.00 and set a “hold” rating for the company in a report on Friday, November 10th. Fifteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.83.

Insider Buying and Selling

In related news, insider Jose Luis Crespo sold 31,958 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $7.20, for a total transaction of $230,097.60. Following the completion of the sale, the insider now directly owns 250,609 shares in the company, valued at $1,804,384.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

Plug Power Profile

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.