California State Teachers Retirement System Acquires 488,883 Shares of Plug Power, Inc. $PLUG

Key Points

• California State Teachers Retirement System increased its Plug Power stake by 45.6%, purchasing 488,883 additional shares to reach 1.56 million shares valued at approximately $3.53 million. Institutional investors and hedge funds collectively own 43.48% of the company.
• Analyst sentiment remains mixed, with Plug Power holding an average rating of “Hold” and an average price target of $3.30. Recent target changes ranged from $1.20 at BMO Capital Markets to $4.00 at Canaccord Genuity.
• Plug Power reported quarterly revenue of $163.51 million, up 22.3% year over year, and an adjusted loss of $0.08 per share that beat estimates. Despite the revenue growth, the company continues to post substantial losses, including a negative net margin of 227.13%.

California State Teachers Retirement System lifted its holdings in Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 45.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,560,305 shares of the electronics maker's stock after purchasing an additional 488,883 shares during the period. California State Teachers Retirement System owned about 0.11% of Plug Power worth $3,526,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Kestra Advisory Services LLC boosted its stake in Plug Power by 11.8% in the 1st quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker's stock worth $97,000 after purchasing an additional 4,525 shares in the last quarter. Earned Wealth Advisors LLC grew its position in Plug Power by 12.6% during the 1st quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker's stock worth $100,000 after purchasing an additional 4,923 shares during the last quarter. Abel Hall LLC increased its stake in Plug Power by 9.2% during the 1st quarter. Abel Hall LLC now owns 62,213 shares of the electronics maker's stock valued at $141,000 after purchasing an additional 5,223 shares in the last quarter. Wealthfront Advisers LLC increased its stake in Plug Power by 8.2% during the 1st quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker's stock valued at $158,000 after purchasing an additional 5,283 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Plug Power by 53.6% in the fourth quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker's stock worth $31,000 after buying an additional 5,503 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group lifted their price objective on shares of Plug Power from $2.50 to $4.00 and gave the stock a "hold" rating in a research note on Tuesday, May 12th. BMO Capital Markets upped their target price on Plug Power from $1.00 to $1.20 and gave the company an "underperform" rating in a research report on Tuesday, May 12th. Weiss Ratings lowered Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. Wells Fargo & Company lifted their price target on Plug Power from $2.00 to $2.50 and gave the stock an "equal weight" rating in a research report on Tuesday, May 19th. Finally, TD Cowen increased their target price on shares of Plug Power from $2.00 to $3.00 and gave the stock a "hold" rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and an average target price of $3.30.

Plug Power Stock Performance

NASDAQ:PLUG opened at $2.18 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The stock has a market capitalization of $3.04 billion, a P/E ratio of -1.65 and a beta of 2.20. The company has a 50 day moving average price of $2.56 and a 200 day moving average price of $2.60. Plug Power, Inc. has a fifty-two week low of $1.41 and a fifty-two week high of $4.58.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The company had revenue of $163.51 million for the quarter, compared to analyst estimates of $139.87 million. During the same quarter in the previous year, the company earned ($0.21) earnings per share. The firm's quarterly revenue was up 22.3% compared to the same quarter last year. Equities research analysts forecast that Plug Power, Inc. will post -0.25 EPS for the current year.

About Plug Power

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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