State Street Corp Increases Holdings in Plug Power, Inc. $PLUG

Key Points

• Institutional ownership increased: State Street raised its Plug Power stake by 6.1% to 38.8 million shares, while BlackRock and other funds also added positions. Institutional investors now own 43.48% of the company.
• Analyst sentiment remains mixed: Ratings range from Strong Buy to Sell, with an overall “Hold” consensus and an average price target of $3.59. Recent targets include $5.00 from Roth Capital and UBS, but Susquehanna cut its target to $2.50.
• Fundamentals remain challenging: Plug Power reported $178.3 million in quarterly revenue and a smaller-than-expected loss, but continues to post deeply negative margins and return on equity. The stock opened at $1.96, while insider Benjamin Haycraft sold 200,000 shares under a pre-arranged trading plan.

State Street Corp boosted its stake in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 6.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,763,529 shares of the electronics maker's stock after purchasing an additional 2,214,427 shares during the period. State Street Corp owned about 2.77% of Plug Power worth $105,049,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. increased its position in Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker's stock worth $498,728,000 after buying an additional 31,939,194 shares in the last quarter. Handelsbanken Fonder AB lifted its position in shares of Plug Power by 446.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker's stock valued at $51,529,000 after buying an additional 15,537,320 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Plug Power by 97.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker's stock valued at $62,689,000 after acquiring an additional 13,685,900 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker's stock valued at $40,971,000 after acquiring an additional 12,820,616 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Plug Power in the 2nd quarter worth approximately $4,779,000. Institutional investors own 43.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wall Street Zen cut shares of Plug Power from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Craig Hallum reiterated a "buy" rating on shares of Plug Power in a research report on Tuesday, August 11th. Susquehanna reduced 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 note on Friday, July 10th. Roth Capital reissued a "buy" rating and issued a $5.00 price objective (up from $3.50) on shares of Plug Power in a research note on Wednesday, August 12th. Finally, UBS Group restated a "buy" rating and set a $5.00 price objective on shares of Plug Power in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Plug Power has an average rating of "Hold" and an average target price of $3.59.

Trending Headlines about Plug Power

Here are the key news stories impacting Plug Power this week:

• Positive Sentiment: Plug Power delivered a 1-megawatt GenEco PEM electrolyzer to HWR Hydrogen in New Zealand. The system is intended to support hydrogen production for heavy transportation and industrial customers, while additional electrolyzer partnerships in Australia expand Plug’s presence across Oceania. The deals provide evidence of commercial activity and potential future revenue growth. Plug Power expands hydrogen footprint across New Zealand and Australia
• Neutral Sentiment: Analyst opinion remains divided. Plug Power’s revenue recovery and hydrogen projects offer potential upside, but its consensus rating is reportedly “Hold,” with a price target materially above recent trading levels. Comparisons with Bloom Energy highlight investor concerns that Plug’s growth and profitability outlook remain less compelling. Plug Power versus Bloom Energy
• Negative Sentiment: Chief Operating Officer Dean C. Fullerton’s resignation introduces an operational leadership transition. Investors may view the departure as an execution risk while Plug works to scale its hydrogen infrastructure and improve its deeply negative profitability. Plug Power COO resignation
• Negative Sentiment: Higher Treasury yields are pressuring fuel-cell and clean-energy shares because capital-intensive projects become more expensive to finance. The broader sector selloff added to the pressure on PLUG and reinforced concerns about the company’s funding needs. Fuel-cell stocks slide as Treasury yields rise
• Negative Sentiment: Insider Benjamin Haycraft sold 200,000 shares through a pre-arranged Rule 10b5-1 plan, reducing his ownership by roughly 66%. Although scheduled sales do not necessarily signal a change in business outlook, the transaction adds to investor caution. Plug Power insider sale

Insider Transactions at Plug Power

In other news, insider Benjamin Haycraft sold 200,000 shares of Plug Power stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $2.14, for a total transaction of $428,000.00. Following the sale, the insider owned 101,249 shares in the company, valued at $216,672.86. This trade represents a 66.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 232,560 shares of company stock worth $496,178. Company insiders own 1.37% of the company's stock.

Plug Power Stock Performance

NASDAQ:PLUG opened at $1.96 on Friday. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. Plug Power, Inc. has a 12-month low of $1.70 and a 12-month high of $4.58. The stock has a 50-day moving average price of $2.14 and a 200 day moving average price of $2.62. The stock has a market capitalization of $2.74 billion, a P/E ratio of -1.56 and a beta of 2.21.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $169.11 million. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts forecast that Plug Power, Inc. will post -0.26 EPS for the current fiscal year.

About Plug Power

Plug Power Inc is a hydrogen and fuel cell technology company that develops integrated solutions for generating, storing, distributing and using hydrogen. The company serves commercial and industrial customers seeking alternatives to conventional power sources and fossil fuels.

Its product portfolio includes electrolyzers for producing hydrogen from water, hydrogen-generation and storage systems, fuel cell engines, and stationary power systems. Plug Power also provides hydrogen-fueled material-handling equipment, including systems used to power forklifts and other warehouse vehicles, along with related infrastructure, service and maintenance offerings.

Founded in 1997 and headquartered in Latham, New York, Plug Power has focused on expanding hydrogen applications across logistics, material handling, backup and distributed power, transportation, and industrial markets.

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