BlackRock Inc. lifted its stake in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 21.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 184,032,469 shares of the electronics maker's stock after purchasing an additional 31,939,194 shares during the quarter. BlackRock Inc. owned 13.19% of Plug Power worth $498,728,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Plug Power by 50.7% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,223,498 shares of the electronics maker's stock valued at $3,316,000 after buying an additional 411,558 shares during the period. AMG National Trust Bank bought a new stake in Plug Power during the 2nd quarter worth approximately $330,000. Global Retirement Partners LLC bought a new stake in Plug Power during the 2nd quarter worth approximately $73,000. Bank of New York Mellon Corp lifted its stake in Plug Power by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,117,519 shares of the electronics maker's stock worth $11,158,000 after purchasing an additional 107,144 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Plug Power by 553.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 710,470 shares of the electronics maker's stock worth $1,925,000 after purchasing an additional 601,816 shares in the last quarter. Institutional investors own 43.48% of the company's stock.
Plug Power Stock Performance
NASDAQ:PLUG opened at $2.17 on Tuesday. The business has a 50 day moving average of $2.34 and a 200 day moving average of $2.59. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -1.72 and a beta of 2.20. Plug Power, Inc. has a 1-year low of $1.41 and a 1-year high of $4.58. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.32 and a quick ratio of 1.32.
Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. The business had revenue of $178.30 million for the quarter, compared to analysts' expectations of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The firm's revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts predict that Plug Power, Inc. will post -0.26 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. Wall Street Zen lowered shares of Plug Power from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Roth Capital reiterated a "buy" rating and issued a $5.00 price objective (up from $3.50) on shares of Plug Power in a research report on Wednesday, August 12th. Weiss Ratings lowered Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. Craig Hallum restated a "buy" rating on shares of Plug Power in a research report on Tuesday, August 11th. Finally, HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of Plug Power in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $3.59.
Read Our Latest Stock Analysis on Plug Power
Plug Power Profile
(
Free Report)
Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.
In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.
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