Legal & General Group Plc Acquires 6,364,483 Shares of Plug Power, Inc. $PLUG

Key Points

• Legal & General Group Plc boosted its stake in Plug Power by 59.9%, purchasing 6,364,483 shares in Q2 to hold 16,980,865 shares (about 1.48% of the company) valued at roughly $25.3 million.
• EVP Benjamin Haycraft sold 10,000 shares on Nov. 10 at an average price of $2.92, lowering his holding to 467,583 shares, and corporate insiders now own about 1.41% of PLUG.
• Plug Power trades near $1.98 (1‑year range $0.69–$4.58) with a $2.76 billion market cap, negative earnings and mixed analyst coverage that results in a consensus “Hold” rating and a $2.80 price target.

Legal & General Group Plc increased its holdings in Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 59.9% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,980,865 shares of the electronics maker's stock after purchasing an additional 6,364,483 shares during the period. Legal & General Group Plc owned approximately 1.48% of Plug Power worth $25,301,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in PLUG. QRG Capital Management Inc. boosted its position in Plug Power by 31.8% during the second quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker's stock valued at $37,000 after buying an additional 6,039 shares during the period. Mandatum Life Insurance Co Ltd lifted its stake in shares of Plug Power by 17.6% in the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock valued at $73,000 after acquiring an additional 7,300 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its stake in shares of Plug Power by 45.4% in the 2nd quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker's stock valued at $36,000 after acquiring an additional 7,500 shares during the last quarter. Obermeyer Wealth Partners boosted its holdings in Plug Power by 100.0% during the 2nd quarter. Obermeyer Wealth Partners now owns 20,000 shares of the electronics maker's stock valued at $30,000 after acquiring an additional 10,000 shares during the period. Finally, IFP Advisors Inc grew its position in Plug Power by 62.8% during the 2nd quarter. IFP Advisors Inc now owns 30,083 shares of the electronics maker's stock worth $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.

Insider Buying and Selling

In other news, EVP Benjamin Haycraft sold 10,000 shares of the business's stock in a transaction on Monday, November 10th. The shares were sold at an average price of $2.92, for a total transaction of $29,200.00. Following the sale, the executive vice president owned 467,583 shares in the company, valued at approximately $1,365,342.36. The trade was a 2.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.41% of the company's stock.

Plug Power Trading Up 1.5%

Shares of PLUG opened at $1.98 on Friday. Plug Power, Inc. has a 1-year low of $0.69 and a 1-year high of $4.58. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The firm's 50-day moving average price is $2.78 and its 200-day moving average price is $1.86. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -0.86 and a beta of 2.28.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.01. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The business had revenue of $177.06 million during the quarter, compared to analyst estimates of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on PLUG shares. Hsbc Global Res upgraded Plug Power to a "strong-buy" rating in a research report on Thursday, October 9th. Wall Street Zen cut shares of Plug Power from a "hold" rating to a "sell" rating in a research report on Sunday, November 16th. BMO Capital Markets decreased their price objective 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. Morgan Stanley reaffirmed an "underweight" rating and set a $1.50 price objective on shares of Plug Power in a research note on Thursday, October 16th. Finally, Cowen reissued a "buy" rating on shares of Plug Power in a research note on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.80.

About Plug Power

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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