Summit Securities Group LLC Takes Position in Plug Power Inc. (NASDAQ:PLUG)

Summit Securities Group LLC purchased a new position in shares of Plug Power Inc. (NASDAQ:PLUG) during the fourth quarter, HoldingsChannel reports. The firm purchased 27,000 shares of the electronics maker’s stock, valued at approximately $58,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in shares of Plug Power by 25.6% during 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 purchasing an additional 1,354,500 shares during the period. XTX Topco Ltd bought a new stake in Plug Power during the 3rd quarter valued at $2,174,000. Stifel Financial Corp raised its holdings in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after buying an additional 265,514 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Plug Power by 166.4% in the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock valued at $959,000 after buying an additional 265,042 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Plug Power by 8.1% during the fourth quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker’s stock valued at $5,224,000 after buying an additional 183,438 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Canaccord Genuity Group cut their target price on Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. BMO Capital Markets lowered their price target on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Finally, Susquehanna cut their price objective on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Wednesday, March 5th. Six 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 MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.31.

Plug Power Trading Down 6.9 %

Shares of PLUG stock opened at $1.34 on Monday. 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 cap of $1.24 billion, a P/E ratio of -0.63 and a beta of 1.98. The company has a 50 day moving average of $1.74 and a 200-day moving average of $2.06. Plug Power Inc. has a 12-month low of $1.30 and a 12-month high of $4.90.

Plug Power Company 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.