Handelsbanken Fonder AB Raises Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

Handelsbanken Fonder AB lifted its holdings in Plug Power Inc. (NASDAQ:PLUG) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,884,635 shares of the electronics maker’s stock after acquiring an additional 14,500 shares during the period. Handelsbanken Fonder AB’s holdings in Plug Power were worth $12,981,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Millburn Ridgefield Corp bought a new position in shares of Plug Power in the third quarter worth about $29,000. FAS Wealth Partners Inc. bought a new position in shares of Plug Power in the fourth quarter worth about $45,000. Exchange Traded Concepts LLC boosted its stake in shares of Plug Power by 30.3% in the third quarter. Exchange Traded Concepts LLC now owns 6,486 shares of the electronics maker’s stock worth $49,000 after acquiring an additional 1,510 shares during the period. First Affirmative Financial Network bought a new position in shares of Plug Power in the fourth quarter worth about $50,000. Finally, Griffin Asset Management Inc. bought a new position in shares of Plug Power in the fourth quarter worth about $54,000. Institutional investors own 43.48% of the company’s stock.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent analyst reports. Truist Financial upped their price objective on Plug Power from $3.00 to $4.00 and gave the stock a “hold” rating in a research note on Wednesday, February 28th. Evercore ISI dropped their price target on Plug Power from $9.00 to $6.00 and set an “outperform” rating for the company in a research note on Monday, March 4th. Susquehanna lowered their price objective on Plug Power from $4.50 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Marathon Capitl reaffirmed an “equal weight” rating on shares of Plug Power in a research note on Tuesday, March 26th. Finally, Piper Sandler boosted their price objective on Plug Power from $2.80 to $2.90 and gave the company an “underweight” rating in a report on Tuesday, March 5th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $6.05.

Plug Power Stock Performance

Shares of PLUG opened at $2.59 on Wednesday. The stock has a 50-day moving average of $3.35 and a two-hundred day moving average of $4.21. Plug Power Inc. has a one year low of $2.26 and a one year high of $13.44. The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The company had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.38) EPS. On average, research analysts forecast that Plug Power Inc. will post -0.94 earnings per share for the current fiscal year.

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.