Principal Financial Group Inc. Sells 7,259 Shares of Plug Power Inc. (NASDAQ:PLUG)

Principal Financial Group Inc. cut its holdings in Plug Power Inc. (NASDAQ:PLUG) by 13.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,183 shares of the electronics maker’s stock after selling 7,259 shares during the period. Principal Financial Group Inc.’s holdings in Plug Power were worth $98,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PLUG. Charles Schwab Investment Management Inc. grew its holdings in Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares during the last quarter. XTX Topco Ltd bought a new position in Plug Power during the 3rd quarter valued at about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Plug Power by 24.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares during the last quarter. Stifel Financial Corp grew its holdings in Plug Power by 23.4% during the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after purchasing an additional 265,514 shares during the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Plug Power by 166.4% during the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock valued at $959,000 after purchasing an additional 265,042 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors.

Plug Power Trading Up 7.9 %

NASDAQ:PLUG opened at $1.78 on Friday. Plug Power Inc. has a 52 week low of $1.37 and a 52 week high of $4.90. The firm has a 50 day moving average of $2.05 and a 200 day moving average of $2.10. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -0.83 and a beta of 1.98.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PLUG. HC Wainwright lowered their price objective on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday. Truist Financial lowered their price objective on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. B. Riley lowered their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Evercore ISI lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus target price of $2.34.

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.