Guggenheim Capital LLC Sells 25,850 Shares of Plug Power Inc. (NASDAQ:PLUG)

Posted by on Mar 6th, 2023

Guggenheim Capital LLC decreased its position in Plug Power Inc. (NASDAQ:PLUG – Get Rating) by 29.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,744 shares of the electronics maker’s stock after selling 25,850 shares during the quarter. Guggenheim Capital LLC’s holdings in Plug Power were worth $1,298,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PLUG. Boothbay Fund Management LLC bought a new stake in shares of Plug Power in the 3rd quarter valued at about $237,000. Moore Capital Management LP bought a new stake in shares of Plug Power during the 3rd quarter worth about $9,130,000. MML Investors Services LLC boosted its stake in Plug Power by 64.2% in the 3rd quarter. MML Investors Services LLC now owns 66,966 shares of the electronics maker’s stock valued at $1,407,000 after purchasing an additional 26,178 shares during the period. Quantitative Investment Management LLC acquired a new stake in shares of Plug Power during the third quarter worth $2,626,000. Finally, Canada Pension Plan Investment Board bought a new position in Plug Power during the third quarter worth about $6,210,000. 52.07% of the stock is owned by institutional investors.

Plug Power Stock Up 3.8 %

Shares of NASDAQ PLUG opened at $13.84 on Monday. Plug Power Inc. has a 12-month low of $11.49 and a 12-month high of $32.05. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.20 and a quick ratio of 4.19. The company’s fifty day simple moving average is $15.09 and its 200 day simple moving average is $18.13.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Citigroup lowered their target price on shares of Plug Power from $21.00 to $20.00 in a report on Sunday. Wells Fargo & Company dropped their price target on Plug Power from $18.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, January 6th. BTIG Research dropped their target price on shares of Plug Power to $25.00 in a research report on Tuesday, November 15th. Oppenheimer reduced their target price on Plug Power from $63.00 to $31.00 in a report on Wednesday, November 9th. Finally, Cowen dropped their target price on shares of Plug Power from $33.00 to $30.00 in a report on Wednesday, November 9th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.86.

Plug Power Company Profile

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.

Further Reading

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Institutional Ownership by Quarter for Plug Power (NASDAQ:PLUG)

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