KLP Kapitalforvaltning AS Acquires Shares of 150,000 Plug Power Inc. (NASDAQ:PLUG)

KLP Kapitalforvaltning AS bought a new position in shares of Plug Power Inc. (NASDAQ:PLUG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 150,000 shares of the electronics maker’s stock, valued at approximately $320,000.

Several other institutional investors and hedge funds have also made changes to their positions in PLUG. Geode Capital Management LLC lifted its holdings in Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after buying an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. XTX Topco Ltd purchased a new position in Plug Power in the third quarter valued at about $2,174,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Plug Power by 75.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,407,949 shares of the electronics maker’s stock valued at $2,999,000 after purchasing an additional 604,068 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in Plug Power during the 3rd quarter worth approximately $823,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Trading Up 0.8 %

Plug Power stock opened at $1.22 on Friday. Plug Power Inc. has a 52-week low of $1.08 and a 52-week high of $4.90. 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 firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -0.57 and a beta of 1.98. The firm has a 50-day moving average price of $1.65 and a two-hundred day moving average price of $2.04.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PLUG. Truist Financial decreased their price target 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, March 5th. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Piper Sandler reduced their price target on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research report on Wednesday, March 5th. Canaccord Genuity Group decreased their price target on Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Finally, Susquehanna reduced their target price on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and an average price target of $2.33.

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.