Caitong International Asset Management Co. Ltd Has $5.66 Million Stock Holdings in Plug Power, Inc. $PLUG

Key Points

• Caitong International Asset Management Co. Ltd significantly increased its stake in Plug Power, Inc., growing its holdings by 365,934.4% and owning 3,795,777 shares valued at approximately $5.66 million.
• Several institutional investors also increased their positions in Plug Power during the second quarter, reflecting a rising interest in the company's stock among hedge funds.
• Brokerages have issued mixed ratings on Plug Power, with Hsbc Global Res upgrading it to a "strong-buy" while others set a price target as low as $1.00, indicating ongoing volatility in the stock's outlook.

Caitong International Asset Management Co. Ltd grew its position in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 365,934.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,795,777 shares of the electronics maker's stock after buying an additional 3,794,740 shares during the quarter. Plug Power accounts for 4.0% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 4th largest position. Caitong International Asset Management Co. Ltd owned about 0.33% of Plug Power worth $5,656,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. QRG Capital Management Inc. raised its position in shares of Plug Power by 31.8% during the 2nd quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker's stock valued at $37,000 after purchasing an additional 6,039 shares during the period. Mandatum Life Insurance Co Ltd raised its position in shares of Plug Power by 17.6% during the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock valued at $73,000 after purchasing an additional 7,300 shares during the period. Avidian Wealth Enterprises LLC raised its position in shares of Plug Power by 45.4% during the 2nd quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker's stock valued at $36,000 after purchasing an additional 7,500 shares during the period. Krane Funds Advisors LLC increased its holdings in Plug Power by 2.3% in the 1st quarter. Krane Funds Advisors LLC now owns 450,901 shares of the electronics maker's stock valued at $609,000 after acquiring an additional 10,287 shares during the last quarter. Finally, IFP Advisors Inc increased its holdings in Plug Power by 62.8% in the 2nd quarter. IFP Advisors Inc now owns 30,083 shares of the electronics maker's stock valued at $45,000 after acquiring an additional 11,604 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PLUG. Hsbc Global Res upgraded shares of Plug Power to a "strong-buy" rating in a report on Thursday, October 9th. Morgan Stanley reaffirmed an "underweight" rating and issued a $1.50 price target on shares of Plug Power in a report on Thursday, October 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Plug Power in a research note on Wednesday, October 8th. BMO Capital Markets dropped their price target on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research report on Tuesday, August 12th. Finally, Susquehanna raised their price target on shares of Plug Power from $1.80 to $3.50 and gave the company a "neutral" rating in a research report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $2.54.

Plug Power Stock Down 1.4%

Shares of NASDAQ:PLUG opened at $2.88 on Friday. The company has a market capitalization of $3.33 billion, a PE ratio of -1.25 and a beta of 2.23. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. Plug Power, Inc. has a twelve month low of $0.69 and a twelve month high of $4.58. The firm has a 50 day simple moving average of $2.37 and a 200-day simple moving average of $1.60.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $173.97 million during the quarter, compared to analyst estimates of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. On average, equities analysts predict that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

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.

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