Wells Fargo & Company MN Acquires 70,187 Shares of Plug Power Inc. (NASDAQ:PLUG)

Wells Fargo & Company MN boosted its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 2.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,685,413 shares of the electronics maker’s stock after buying an additional 70,187 shares during the quarter. Wells Fargo & Company MN owned about 0.29% of Plug Power worth $5,720,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PLUG. Private Portfolio Partners LLC increased its holdings in shares of Plug Power by 51.8% during the 4th quarter. Private Portfolio Partners LLC now owns 55,700 shares of the electronics maker’s stock valued at $119,000 after acquiring an additional 19,000 shares during the last quarter. Geode Capital Management LLC boosted its position in Plug Power by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock worth $42,434,000 after purchasing an additional 722,639 shares during the period. Alliancebernstein L.P. grew its holdings in Plug Power by 2.3% during the fourth quarter. Alliancebernstein L.P. now owns 881,094 shares of the electronics maker’s stock valued at $1,877,000 after purchasing an additional 19,821 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Plug Power in the fourth quarter valued at approximately $58,000. Finally, Pictet Asset Management Holding SA raised its position in shares of Plug Power by 45.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 116,210 shares of the electronics maker’s stock valued at $248,000 after purchasing an additional 36,408 shares during the period. 43.48% of the stock is currently owned by institutional investors.

Plug Power Price Performance

NASDAQ:PLUG opened at $0.90 on Friday. 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 company has a 50-day moving average of $1.47 and a 200-day moving average of $1.95. Plug Power Inc. has a 52 week low of $0.87 and a 52 week high of $4.90. The company has a market capitalization of $832.94 million, a price-to-earnings ratio of -0.42 and a beta of 2.07.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PLUG. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Plug Power in a research note on Monday, March 24th. Susquehanna lowered their price target on Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. B. Riley decreased their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Piper Sandler dropped their price target on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.29.

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.