Forsta AP Fonden Has $2.75 Million Holdings in Plug Power Inc. (NASDAQ:PLUG)

Posted by on Apr 24th, 2023

Forsta AP Fonden raised its holdings in shares of Plug Power Inc. (NASDAQ:PLUG – Get Rating) by 101.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,500 shares of the electronics maker’s stock after acquiring an additional 112,300 shares during the quarter. Forsta AP Fonden’s holdings in Plug Power were worth $2,752,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Riggs Asset Managment Co. Inc. acquired a new stake in Plug Power during the third quarter valued at $26,000. Millburn Ridgefield Corp lifted its holdings in shares of Plug Power by 47.8% during the 4th quarter. Millburn Ridgefield Corp now owns 2,316 shares of the electronics maker’s stock valued at $29,000 after buying an additional 749 shares during the last quarter. Exos TFP Holdings LLC bought a new stake in shares of Plug Power in the 3rd quarter valued at approximately $30,000. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in Plug Power by 124.2% in the third quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,518 shares of the electronics maker’s stock worth $31,000 after buying an additional 841 shares during the last quarter. Finally, Armstrong Advisory Group Inc. bought a new position in Plug Power during the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 52.07% of the company’s stock.

Plug Power Trading Up 2.3 %

Shares of PLUG opened at $9.05 on Monday. Plug Power Inc. has a 12 month low of $8.65 and a 12 month high of $31.56. The company has a 50-day moving average price of $12.06 and a two-hundred day moving average price of $14.34. The company has a debt-to-equity ratio of 0.12, a quick ratio of 4.19 and a current ratio of 5.20.

Plug Power (NASDAQ:PLUG – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The electronics maker reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.12). The company had revenue of $220.74 million for the quarter, compared to analyst estimates of $264.36 million. Plug Power had a negative return on equity of 16.94% and a negative net margin of 103.22%. On average, research analysts predict that Plug Power Inc. will post -0.77 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PLUG. KeyCorp dropped their price target on shares of Plug Power from $31.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. BMO Capital Markets cut their target price on Plug Power from $18.00 to $15.00 and set a “market perform” rating on the stock in a report on Thursday, March 2nd. Susquehanna decreased their price target on Plug Power from $28.00 to $25.00 in a research note on Thursday, January 26th. Morgan Stanley downgraded Plug Power from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $15.00 in a research note on Monday, April 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Plug Power from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Plug Power presently has an average rating of “Moderate Buy” and an average price target of $22.64.

Plug Power Profile

(Get Rating)

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.

Featured Stories

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

Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.