Plug Power Inc. (NASDAQ:PLUG) Stock Position Cut by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

Posted by Defense World Staff on Jun 5th, 2023

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in Plug Power Inc. (NASDAQ:PLUG – Get Rating) by 10.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,887 shares of the electronics maker’s stock after selling 5,570 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Plug Power were worth $568,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PLUG. Riggs Asset Managment Co. Inc. bought a new position in Plug Power during the 3rd quarter valued at $26,000. Millburn Ridgefield Corp lifted its stake in Plug Power by 47.8% during the fourth 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 in the last quarter. Catalyst Capital Advisors LLC boosted its holdings in shares of Plug Power by 47.8% in the fourth quarter. Catalyst Capital Advisors LLC now owns 2,316 shares of the electronics maker’s stock worth $29,000 after buying an additional 749 shares during the period. Exos TFP Holdings LLC purchased a new position in shares of Plug Power in the third quarter worth approximately $30,000. Finally, Armstrong Advisory Group Inc. purchased a new stake in shares of Plug Power in the 4th quarter valued at approximately $31,000. 52.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup reduced their price objective on Plug Power from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Sunday, March 5th. Northland Securities lowered their price objective on shares of Plug Power from $25.00 to $13.00 in a research report on Thursday, May 11th. KeyCorp cut their target price on shares of Plug Power from $31.00 to $25.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. UBS Group lowered their price target on shares of Plug Power from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, April 21st. Finally, Morgan Stanley lowered Plug Power from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $35.00 to $15.00 in a report on Monday, April 3rd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.34.

Plug Power Stock Performance

NASDAQ PLUG opened at $8.77 on Monday. Plug Power Inc. has a twelve month low of $7.39 and a twelve month high of $31.56. The stock has a 50-day simple moving average of $9.02 and a 200 day simple moving average of $12.53. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.39 and a quick ratio of 3.25.

Plug Power (NASDAQ:PLUG – Get Rating) last posted its quarterly earnings results on Tuesday, May 9th. The electronics maker reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.08). Plug Power had a negative return on equity of 18.72% and a negative net margin of 100.41%. The company had revenue of $210.29 million during the quarter, compared to analyst estimates of $207.67 million. During the same quarter in the prior year, the business earned ($0.27) earnings per share. The business’s revenue for the quarter was up 49.3% on a year-over-year basis. On average, research analysts forecast that Plug Power Inc. will post -0.89 EPS for the current fiscal year.

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.