Swedbank AB Purchases 72,193 Shares of Plug Power Inc. (NASDAQ:PLUG)

Swedbank AB raised its position in shares of Plug Power Inc. (NASDAQ:PLUG) by 75.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 168,389 shares of the electronics maker’s stock after acquiring an additional 72,193 shares during the quarter. Swedbank AB’s holdings in Plug Power were worth $381,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Plug Power by 23.6% during the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after acquiring an additional 1,036,777 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Stock Performance

Shares of PLUG opened at $2.13 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. Plug Power Inc. has a one year low of $1.60 and a one year high of $5.14. The company has a 50-day simple moving average of $2.08 and a two-hundred day simple moving average of $2.37. The firm has a market capitalization of $1.94 billion, a PE ratio of -1.04 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the business earned ($0.47) earnings per share. The business’s quarterly revenue was down 12.6% on a year-over-year basis. On average, analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PLUG has been the topic of several recent research reports. Jefferies Financial Group dropped their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Piper Sandler lowered their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Truist Financial lowered their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Canaccord Genuity Group lowered their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada reduced their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $4.52.

About Plug Power

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.