Plug Power Inc. (NASDAQ:PLUG) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers lifted its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 97.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,296,047 shares of the electronics maker’s stock after acquiring an additional 638,761 shares during the quarter. Rhumbline Advisers owned about 0.17% of Plug Power worth $3,020,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PLUG. Victory Capital Management Inc. increased its stake in shares of Plug Power by 23.5% during the fourth quarter. Victory Capital Management Inc. now owns 72,715 shares of the electronics maker’s stock valued at $327,000 after acquiring an additional 13,838 shares during the period. Charles Schwab Investment Management Inc. grew its position in Plug Power by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after buying an additional 102,095 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Plug Power by 42.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 317,850 shares of the electronics maker’s stock worth $1,392,000 after buying an additional 95,092 shares during the last quarter. Independent Advisor Alliance acquired a new position in Plug Power in the fourth quarter worth approximately $45,000. Finally, Norges Bank acquired a new position in Plug Power in the fourth quarter worth approximately $97,800,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Stock Up 6.1 %

PLUG stock opened at $2.09 on Wednesday. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a 1 year low of $1.60 and a 1 year high of $8.48. The company has a fifty day simple moving average of $2.24 and a 200 day simple moving average of $2.73. The firm has a market cap of $1.55 billion, a PE ratio of -0.87 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same period in the previous year, the firm posted ($0.35) EPS. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. Sell-side analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PLUG shares. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Truist Financial decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada decreased their price target on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, Craig Hallum decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.19.

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.