Mitsubishi UFJ Asset Management Co. Ltd. Lowers Position in Plug Power, Inc. (NASDAQ:PLUG)

Mitsubishi UFJ Asset Management Co. Ltd. cut its stake in shares of Plug Power, Inc. (NASDAQ:PLUG) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 770,080 shares of the electronics maker’s stock after selling 11,969 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.08% of Plug Power worth $1,040,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mariner LLC lifted its position in shares of Plug Power by 29.7% in the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker’s stock valued at $379,000 after acquiring an additional 40,710 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Plug Power by 2.7% in the fourth quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker’s stock valued at $5,720,000 after acquiring an additional 70,187 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Plug Power by 387.7% in the fourth quarter. Two Sigma Investments LP now owns 969,327 shares of the electronics maker’s stock valued at $2,065,000 after acquiring an additional 770,564 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Plug Power by 88.3% in the fourth quarter. Deutsche Bank AG now owns 978,101 shares of the electronics maker’s stock valued at $2,083,000 after acquiring an additional 458,706 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Plug Power by 11.1% in the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after acquiring an additional 790,650 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PLUG has been the topic of several research analyst reports. Piper Sandler lowered their price objective on Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a research report on Wednesday, May 14th. Jefferies Financial Group boosted their target price on Plug Power from $0.90 to $1.60 and gave the stock a “hold” rating in a research report on Wednesday, July 23rd. Wells Fargo & Company decreased their target price on Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 14th. BMO Capital Markets decreased their target price on Plug Power from $1.10 to $1.00 and set an “underperform” rating on the stock in a research report on Tuesday. Finally, Susquehanna boosted their target price on Plug Power from $1.00 to $1.80 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $1.84.

Plug Power Stock Up 7.8%

Plug Power stock opened at $1.66 on Thursday. The business has a fifty day moving average of $1.44 and a two-hundred day moving average of $1.35. The company has a quick ratio of 1.07, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.92 billion, a P/E ratio of -0.72 and a beta of 2.35. Plug Power, Inc. has a twelve month low of $0.69 and a twelve month high of $3.32.

Plug Power (NASDAQ:PLUG) last released its earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The firm had revenue of $173.97 million during the quarter, compared to analyst estimates of $157.97 million. On average, analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Paul B. Middleton bought 650,000 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The shares were purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the transaction, the insider directly owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.41% of the stock is currently owned by insiders.

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.