Dimensional Fund Advisors LP Grows Stake in Plug Power, Inc. $PLUG

Key Points

• Dimensional Fund Advisors increased its Plug Power stake by 241.2% in the first quarter, adding 12.8 million shares to hold 18.1 million shares worth approximately $41 million, or 1.3% of the company.
• Plug Power reported better-than-expected quarterly results, with a loss of $0.08 per share versus the $0.09 consensus estimate and revenue of $163.5 million, up 22.3% year over year. However, the company continues to post steep losses, including a negative net margin of 227.13%.
• Analysts maintain a consensus “Hold” rating with an average price target of $3.30, despite widely varying targets and several underperform or sell ratings. Shares recently opened at $2.08, below their 50-day and 200-day moving averages.

Dimensional Fund Advisors LP raised its holdings in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 241.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,134,913 shares of the electronics maker's stock after purchasing an additional 12,820,616 shares during the period. Dimensional Fund Advisors LP owned 1.30% of Plug Power worth $40,971,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Swiss National Bank boosted its position in shares of Plug Power by 18.1% in the 1st quarter. Swiss National Bank now owns 2,616,688 shares of the electronics maker's stock worth $5,914,000 after purchasing an additional 400,300 shares in the last quarter. Independent Financial Group LLC acquired a new position in Plug Power during the 1st quarter valued at about $54,000. Wealthfront Advisers LLC raised its stake in Plug Power by 8.2% in the first quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker's stock valued at $158,000 after buying an additional 5,283 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Plug Power by 10.7% in the first quarter. Bank of New York Mellon Corp now owns 4,010,375 shares of the electronics maker's stock valued at $9,063,000 after buying an additional 387,699 shares during the last quarter. Finally, Calamos Advisors LLC acquired a new stake in Plug Power in the first quarter worth about $68,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

Plug Power Stock Performance

Shares of PLUG opened at $2.08 on Tuesday. 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 50-day moving average of $2.71 and a two-hundred day moving average of $2.61. The stock has a market cap of $2.90 billion, a P/E ratio of -1.58 and a beta of 2.20. Plug Power, Inc. has a one year low of $1.40 and a one year high of $4.58.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The electronics maker reported ($0.08) earnings per share 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 business had revenue of $163.51 million for the quarter, compared to analyst estimates of $139.87 million. During the same period in the prior year, the company earned ($0.21) earnings per share. The company's revenue was up 22.3% on a year-over-year basis. As a group, research analysts predict that Plug Power, Inc. will post -0.25 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PLUG shares. BMO Capital Markets boosted their price target on Plug Power from $1.00 to $1.20 and gave the stock an "underperform" rating in a research note on Tuesday, May 12th. Susquehanna decreased their price objective on shares of Plug Power from $3.75 to $2.50 and set a "neutral" rating for the company in a research report on Friday, July 10th. Weiss Ratings cut shares of Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. Morgan Stanley boosted their target price on shares of Plug Power from $1.50 to $1.65 and gave the stock an "underweight" rating in a research report on Thursday, July 9th. Finally, Canaccord Genuity Group upped their price target on shares of Plug Power from $2.50 to $4.00 and gave the company a "hold" rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $3.30.

Plug Power Company Profile

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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