Cerity Partners LLC Sells 197,482 Shares of Plug Power Inc. (NASDAQ:PLUG)

Cerity Partners LLC reduced its position in shares of Plug Power Inc. (NASDAQ:PLUG) by 45.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 236,387 shares of the electronics maker’s stock after selling 197,482 shares during the period. Cerity Partners LLC’s holdings in Plug Power were worth $529,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Plug Power in the 4th quarter valued at approximately $146,465,000. Vanguard Group Inc. raised its holdings in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Plug Power by 75.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,407,949 shares of the electronics maker’s stock worth $2,999,000 after purchasing an additional 604,068 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Plug Power by 8.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker’s stock valued at $5,224,000 after purchasing an additional 183,438 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

Plug Power Stock Performance

PLUG opened at $0.79 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a market capitalization of $729.60 million, a PE ratio of -0.37 and a beta of 2.07. The business has a fifty day simple moving average of $1.45 and a 200 day simple moving average of $1.94. Plug Power Inc. has a 1 year low of $0.76 and a 1 year high of $4.90.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Piper Sandler cut their price target on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research report on Wednesday, March 5th. StockNews.com raised Plug Power to a “sell” rating in a research report on Tuesday, March 4th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Plug Power in a research report on Monday, March 24th. Truist Financial cut their price objective on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, March 5th. Finally, Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.29.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.