Plug Power Inc. (NASDAQ:PLUG) Shares Bought by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.

Posted by Defense World Staff on Aug 12th, 2023

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Plug Power Inc. (NASDAQ:PLUG – Free Report) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 318,315 shares of the electronics maker’s stock after acquiring an additional 14,848 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned 0.05% of Plug Power worth $3,731,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Plug Power by 69.1% during the fourth quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 17,213,803 shares of the electronics maker’s stock worth $212,935,000 after buying an additional 7,035,344 shares in the last quarter. Norges Bank acquired a new stake in shares of Plug Power during the fourth quarter worth approximately $211,176,000. State Street Corp grew its position in shares of Plug Power by 6.3% during the third quarter. State Street Corp now owns 14,008,927 shares of the electronics maker’s stock worth $294,328,000 after buying an additional 826,142 shares in the last quarter. Morgan Stanley grew its position in shares of Plug Power by 3.1% during the fourth quarter. Morgan Stanley now owns 10,052,469 shares of the electronics maker’s stock worth $124,349,000 after buying an additional 303,185 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Plug Power by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 7,633,166 shares of the electronics maker’s stock worth $94,320,000 after buying an additional 439,463 shares in the last quarter. Institutional investors and hedge funds own 49.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PLUG shares. Seaport Res Ptn reissued a “buy” rating on shares of Plug Power in a research report on Tuesday, June 6th. HC Wainwright restated a “buy” rating on shares of Plug Power in a research note on Thursday. Roth Mkm restated a “neutral” rating and set a $7.50 price objective (down from $13.00) on shares of Plug Power in a research note on Thursday. Royal Bank of Canada reduced their price objective on Plug Power from $17.00 to $12.00 in a research note on Wednesday, May 10th. Finally, B. Riley reduced their price objective on Plug Power from $26.00 to $18.00 in a research note on Tuesday, June 27th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Plug Power has an average rating of “Moderate Buy” and a consensus price target of $19.67.

Read Our Latest Stock Report on PLUG

Plug Power Trading Up 0.7 %

Shares of NASDAQ:PLUG opened at $9.11 on Friday. The company has a 50 day moving average of $10.83 and a 200-day moving average of $11.30. The firm has a market cap of $5.47 billion, a P/E ratio of -6.37 and a beta of 1.83. Plug Power Inc. has a twelve month low of $7.39 and a twelve month high of $31.56. The company has a current ratio of 4.39, a quick ratio of 3.25 and a debt-to-equity ratio of 0.13.

Plug Power (NASDAQ:PLUG – Get Free Report) last issued its quarterly earnings results on Wednesday, August 9th. The electronics maker reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.07). The company had revenue of $260.18 million during the quarter, compared to analyst estimates of $237.38 million. Plug Power had a negative return on equity of 19.86% and a negative net margin of 95.15%. As a group, analysts anticipate that Plug Power Inc. will post -0.96 earnings per share for the current fiscal year.

Plug Power Profile

(Free Report)

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.