Geode Capital Management LLC Purchases 439,463 Shares of Plug Power Inc. (NASDAQ:PLUG)

Posted by on Jun 9th, 2023

Geode Capital Management LLC boosted its position in Plug Power Inc. (NASDAQ:PLUG – Get Rating) by 6.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 7,633,166 shares of the electronics maker’s stock after purchasing an additional 439,463 shares during the period. Geode Capital Management LLC owned about 1.31% of Plug Power worth $94,320,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Exos TFP Holdings LLC bought a new stake in shares of Plug Power during the 3rd quarter valued at $30,000. Nvwm LLC acquired a new stake in Plug Power in the third quarter valued at $38,000. Millburn Ridgefield Corp boosted its holdings in Plug Power by 47.8% in the fourth quarter. Millburn Ridgefield Corp now owns 2,316 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 749 shares during the last quarter. Catalyst Capital Advisors LLC lifted its holdings in Plug Power by 47.8% in the fourth quarter. Catalyst Capital Advisors LLC now owns 2,316 shares of the electronics maker’s stock valued at $29,000 after buying an additional 749 shares during the period. Finally, Armstrong Advisory Group Inc. bought a new stake in shares of Plug Power during the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 52.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PLUG. Seaport Res Ptn restated a “buy” rating on shares of Plug Power in a report on Tuesday. Royal Bank of Canada lowered their price objective on Plug Power from $17.00 to $12.00 in a research report on Wednesday, May 10th. Northland Securities decreased their price target on shares of Plug Power from $25.00 to $13.00 in a report on Thursday, May 11th. UBS Group dropped their target price on Plug Power from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, April 21st. Finally, JPMorgan Chase & Co. cut their price target on shares of Plug Power from $23.00 to $20.00 in a research report on Monday, May 1st. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.34.

Plug Power Price Performance

Shares of NASDAQ:PLUG opened at $9.52 on Friday. Plug Power Inc. has a 1-year low of $7.39 and a 1-year high of $31.56. The business has a fifty day moving average price of $8.88 and a 200-day moving average price of $12.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.25 and a current ratio of 4.39.

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

Plug Power 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.

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

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