UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in Plug Power, Inc. (NASDAQ:PLUG – Free Report) by 21.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,808,090 shares of the electronics maker’s stock after selling 783,976 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.20% of Plug Power worth $7,610,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock worth $498,728,000 after acquiring an additional 31,939,194 shares in the last quarter. Handelsbanken Fonder AB boosted its position in shares of Plug Power by 446.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock worth $51,529,000 after purchasing an additional 15,537,320 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Plug Power during the 4th quarter worth $27,684,000. Dimensional Fund Advisors LP grew its stake in shares of Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock worth $40,971,000 after purchasing an additional 12,820,616 shares during the period. Finally, Two Sigma Investments LP grew its stake in shares of Plug Power by 292.1% during the 3rd quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock worth $25,236,000 after purchasing an additional 8,068,713 shares during the period. 43.48% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Plug Power in a research note on Tuesday, August 11th. Wall Street Zen lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Jefferies Financial Group raised shares of Plug Power to a “hold” rating in a report on Thursday, September 3rd. Oppenheimer reiterated a “market perform” rating on shares of Plug Power in a research report on Tuesday, August 11th. Finally, UBS Group reaffirmed a “buy” rating and issued a $5.00 price target on shares of Plug Power in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus target price of $3.59.
Plug Power Price Performance
Shares of NASDAQ PLUG opened at $2.17 on Tuesday. Plug Power, Inc. has a 12-month low of $1.41 and a 12-month high of $4.58. The company has a market cap of $3.03 billion, a P/E ratio of -1.72 and a beta of 2.21. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. The stock has a fifty day moving average price of $2.23 and a 200 day moving average price of $2.61.
Plug Power (NASDAQ:PLUG – Get Free Report) last released its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The company had revenue of $178.30 million for the quarter, compared to analyst estimates of $169.11 million. Plug Power’s revenue for the quarter was up 2.5% compared to the same quarter last year. Research analysts anticipate that Plug Power, Inc. will post -0.26 EPS for the current fiscal year.
About Plug Power
Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.
In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.
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