The Manufacturers Life Insurance Company Boosts Stock Position in Plug Power Inc. (NASDAQ:PLUG)

The Manufacturers Life Insurance Company boosted its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 13.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 435,166 shares of the electronics maker’s stock after purchasing an additional 52,980 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Plug Power were worth $983,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after buying an additional 1,036,777 shares during the period. Van ECK Associates Corp grew its stake in shares of Plug Power by 37.0% during the second quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock valued at $7,975,000 after buying an additional 923,579 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Plug Power by 97.2% in the second quarter. Rhumbline Advisers now owns 1,296,047 shares of the electronics maker’s stock worth $3,020,000 after buying an additional 638,761 shares during the period. Institutional investors own 43.48% of the company’s stock.

Plug Power Stock Down 4.0 %

PLUG stock opened at $2.40 on Friday. Plug Power Inc. has a one year low of $1.60 and a one year high of $5.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm’s fifty day moving average is $2.14 and its 200 day moving average is $2.31. The firm has a market cap of $2.19 billion, a PE ratio of -1.12 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) EPS. On average, research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current year.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI cut their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Canaccord Genuity Group lowered their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Wells Fargo & Company decreased their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power 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.