Cerity Partners LLC Acquires Shares of 167,711 Plug Power Inc. (NASDAQ:PLUG)

Cerity Partners LLC bought a new position in shares of Plug Power Inc. (NASDAQ:PLUG) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 167,711 shares of the electronics maker’s stock, valued at approximately $755,000.

A number of other institutional investors have also made changes to their positions in PLUG. Electron Capital Partners LLC purchased a new stake in Plug Power during the 3rd quarter worth $13,496,000. SG Americas Securities LLC lifted its stake in shares of Plug Power by 183.6% in the fourth quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker’s stock worth $7,453,000 after acquiring an additional 1,072,344 shares in the last quarter. UniSuper Management Pty Ltd boosted its holdings in Plug Power by 78.5% in the third quarter. UniSuper Management Pty Ltd now owns 2,064,304 shares of the electronics maker’s stock valued at $15,689,000 after purchasing an additional 907,604 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Plug Power by 22.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,486,608 shares of the electronics maker’s stock valued at $18,898,000 after purchasing an additional 456,485 shares in the last quarter. Finally, Robeco Schweiz AG increased its holdings in Plug Power by 3.9% during the 3rd quarter. Robeco Schweiz AG now owns 6,201,500 shares of the electronics maker’s stock worth $47,131,000 after purchasing an additional 235,000 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLUG has been the subject of several research analyst reports. Redburn Atlantic assumed coverage on Plug Power in a research note on Tuesday, February 6th. They set a “neutral” rating and a $4.50 target price for the company. Evercore ISI dropped their target price on shares of Plug Power from $9.00 to $6.00 and set an “outperform” rating for the company in a research report on Monday, March 4th. Royal Bank of Canada reduced their price target on shares of Plug Power from $5.00 to $3.50 and set a “sector perform” rating on the stock in a research report on Wednesday, January 24th. Piper Sandler boosted their price objective on Plug Power from $2.80 to $2.90 and gave the company an “underweight” rating in a report on Tuesday, March 5th. Finally, Roth Capital raised Plug Power from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $6.05.

Plug Power Price Performance

NASDAQ PLUG opened at $2.59 on Wednesday. Plug Power Inc. has a 12 month low of $2.26 and a 12 month high of $13.44. The firm has a market capitalization of $1.77 billion, a PE ratio of -1.13 and a beta of 1.54. The company’s 50 day simple moving average is $3.35 and its 200 day simple moving average is $4.21. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.85 and a quick ratio of 0.86.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The business had revenue of $222.20 million during the quarter, compared to the consensus estimate of $234.21 million. During the same quarter last year, the firm posted ($0.38) earnings per share. Plug Power’s revenue was up .7% compared to the same quarter last year. As a group, equities research analysts forecast that Plug Power Inc. will post -0.94 EPS for the current fiscal year.

Plug Power Company 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.