Plug Power, Inc. (NASDAQ:PLUG) Shares Sold by KBC Group NV

KBC Group NV reduced its position in shares of Plug Power, Inc. (NASDAQ:PLUG) by 60.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 139,575 shares of the electronics maker’s stock after selling 213,813 shares during the period. KBC Group NV’s holdings in Plug Power were worth $188,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PLUG. Norges Bank acquired a new stake in Plug Power during the fourth quarter worth about $146,465,000. Point72 Asset Management L.P. acquired a new stake in shares of Plug Power during the fourth quarter valued at about $10,370,000. Vanguard Group Inc. increased its position in shares of Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after acquiring an additional 4,491,114 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Plug Power during the fourth quarter valued at about $6,235,000. Finally, SG Americas Securities LLC increased its position in shares of Plug Power by 110.6% during the first quarter. SG Americas Securities LLC now owns 2,615,819 shares of the electronics maker’s stock valued at $3,531,000 after acquiring an additional 1,373,486 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Plug Power to a “sell” rating in a research report on Tuesday, May 13th. Roth Capital reissued a “buy” rating on shares of Plug Power in a research note on Tuesday, May 13th. Morgan Stanley lowered their price objective on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating for the company in a research note on Monday, May 19th. Jefferies Financial Group lowered their price objective on shares of Plug Power from $1.70 to $0.90 and set a “hold” rating for the company in a research note on Tuesday, May 20th. Finally, Piper Sandler lowered their price objective on shares of Plug Power from $1.10 to $0.80 and set an “underweight” rating for the company in a research note on Wednesday, May 14th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Plug Power has a consensus rating of “Hold” and an average price target of $1.83.

Plug Power Price Performance

Plug Power stock opened at $1.46 on Monday. Plug Power, Inc. has a 52 week low of $0.69 and a 52 week high of $3.34. The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27. The firm’s 50-day simple moving average is $1.01 and its 200 day simple moving average is $1.50. The firm has a market capitalization of $1.67 billion, a PE ratio of -0.59 and a beta of 2.29.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. The business had revenue of $133.67 million during the quarter, compared to analysts’ expectations of $130.92 million. On average, equities research analysts predict that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Transactions at Plug Power

In other news, insider Paul B. Middleton bought 650,000 shares of Plug Power stock in a transaction on Monday, June 9th. The shares were bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the acquisition, the insider owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.41% of the company’s stock.

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.