Point72 Asset Management L.P. Invests $10.37 Million in Plug Power Inc. (NASDAQ:PLUG)

Point72 Asset Management L.P. bought a new stake in Plug Power Inc. (NASDAQ:PLUG - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,868,671 shares of the electronics maker's stock, valued at approximately $10,370,000. Point72 Asset Management L.P. owned 0.53% of Plug Power as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Pacific Sage Partners LLC purchased a new position in Plug Power in the 4th quarter worth approximately $25,000. Oppenheimer & Co. Inc. purchased a new position in Plug Power during the fourth quarter worth approximately $25,000. Jones Financial Companies Lllp boosted its stake in Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after buying an additional 6,074 shares during the last quarter. Callan Family Office LLC purchased a new stake in Plug Power in the 4th quarter valued at $27,000. Finally, Ground Swell Capital LLC purchased a new position in shares of Plug Power during the 4th quarter worth $27,000. Institutional investors and hedge funds own 43.48% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. HC Wainwright reissued a "buy" rating and issued a $3.00 price target on shares of Plug Power in a research note on Monday, March 24th. Piper Sandler lowered their price objective on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Seaport Res Ptn downgraded Plug Power from a "hold" rating to a "strong sell" rating in a research report on Monday, January 27th. Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Finally, StockNews.com upgraded shares of Plug Power to a "sell" rating in a report on Tuesday, May 13th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Plug Power has an average rating of "Hold" and an average price target of $1.83.

Plug Power Stock Down 7.1%

PLUG stock traded down $0.06 during trading on Wednesday, hitting $0.77. 140,945,739 shares of the company's stock were exchanged, compared to its average volume of 60,165,751. Plug Power Inc. has a 52-week low of $0.69 and a 52-week high of $3.55. The stock has a market capitalization of $826.34 million, a price-to-earnings ratio of -0.36 and a beta of 2.19. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $1.09 and a two-hundred day moving average price of $1.76.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. As a group, equities research analysts expect that Plug Power Inc. will post -1.21 EPS for the current year.

Insiders Place Their Bets

In other Plug Power news, CFO Paul B. Middleton bought 350,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $0.72 per share, for a total transaction of $252,000.00. Following the completion of the transaction, the chief financial officer now owns 1,908,064 shares in the company, valued at approximately $1,373,806.08. The trade was a 22.46% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by corporate insiders.

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.