Geode Capital Management LLC Buys 3,662,456 Shares of Plug Power Inc. (NASDAQ:PLUG)

Geode Capital Management LLC boosted its stake in Plug Power Inc. (NASDAQ:PLUG) by 23.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,194,629 shares of the electronics maker’s stock after purchasing an additional 3,662,456 shares during the period. Geode Capital Management LLC owned approximately 2.18% of Plug Power worth $43,388,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Plug Power by 25.6% in the 3rd 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. Van ECK Associates Corp boosted its position in Plug Power by 23.6% in the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares during the period. Bank of New York Mellon Corp increased its position in shares of Plug Power by 69.4% during the 2nd 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 purchasing an additional 1,036,777 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Plug Power by 24.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after purchasing an additional 476,060 shares during the period. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Down 5.1 %

Shares of PLUG opened at $2.43 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -1.14 and a beta of 1.76. Plug Power Inc. has a 1 year low of $1.60 and a 1 year high of $5.14. The business’s 50 day simple moving average is $2.18 and its 200-day simple moving average is $2.26.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter last year, the business earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, equities analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PLUG shares. Piper Sandler cut their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Jefferies Financial Group reduced their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Evercore ISI lowered their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. Craig Hallum reduced their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Finally, BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $4.52.

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.