Invesco Ltd. Acquires 1,275,083 Shares of Plug Power, Inc. $PLUG

Key Points

• Invesco Ltd. increased its stake in Plug Power, Inc. by 32.2% during Q1, holding over 5.2 million shares valued at approximately $7 million after acquiring an additional 1.27 million shares.
• Analysts display mixed sentiments towards Plug Power, with Wells Fargo raising its price target to $1.50 while others like Evercore ISI and Morgan Stanley have issued sell and underweight ratings, aligning with a consensus rating of "Reduce."
• Insider Paul B. Middleton purchased 650,000 shares at $1.03 each, boosting his ownership share by 34.07%, highlighting ongoing insider confidence in the company's outlook.

Invesco Ltd. lifted its holdings in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 32.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,236,446 shares of the electronics maker's stock after buying an additional 1,275,083 shares during the period. Invesco Ltd. owned approximately 0.51% of Plug Power worth $7,069,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Ground Swell Capital LLC purchased a new stake in shares of Plug Power during the fourth quarter valued at $27,000. Retirement Planning Group LLC NY purchased a new position in Plug Power in the fourth quarter worth about $38,000. GTS Securities LLC boosted its position in Plug Power by 150.0% in the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker's stock worth $40,000 after purchasing an additional 56,255 shares during the last quarter. Miracle Mile Advisors LLC purchased a new position in Plug Power in the first quarter worth about $26,000. Finally, Raiffeisen Bank International AG purchased a new position in Plug Power in the fourth quarter worth about $46,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PLUG has been the topic of several research reports. Canaccord Genuity Group dropped their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research report on Tuesday, May 13th. Jefferies Financial Group raised their target price on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Wells Fargo & Company raised their target price on Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Piper Sandler dropped their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. Finally, Susquehanna raised their target price on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, Plug Power has a consensus rating of "Reduce" and a consensus target price of $1.88.

Insider Activity at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were bought at an average price of $1.03 per share, with a total value of $669,500.00. Following the purchase, the insider owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.41% of the stock is owned by company insiders.

Plug Power Stock Performance

Shares of NASDAQ PLUG traded down $0.06 during trading on Friday, hitting $1.57. The company had a trading volume of 29,906,605 shares, compared to its average volume of 43,898,848. The stock has a 50 day simple moving average of $1.55 and a 200 day simple moving average of $1.33. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. Plug Power, Inc. has a 12 month low of $0.69 and a 12 month high of $3.32. The firm has a market capitalization of $1.81 billion, a P/E ratio of -0.68 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The company had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. As a group, analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current 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.