Geode Capital Management LLC Grows Position in Plug Power Inc. (NASDAQ:PLUG)

Geode Capital Management LLC increased its holdings in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,917,268 shares of the electronics maker's stock after buying an additional 722,639 shares during the quarter. Geode Capital Management LLC owned 2.19% of Plug Power worth $42,434,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Plug Power in the fourth quarter worth about $146,465,000. Vanguard Group Inc. increased its holdings in Plug Power by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock worth $186,244,000 after acquiring an additional 4,491,114 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Plug Power by 75.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,407,949 shares of the electronics maker's stock worth $2,999,000 after acquiring an additional 604,068 shares during the period. Stifel Financial Corp lifted its holdings in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker's stock valued at $3,160,000 after purchasing an additional 265,514 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Plug Power by 8.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker's stock worth $5,224,000 after purchasing an additional 183,438 shares during the period. 43.48% of the stock is currently owned by institutional investors.

Plug Power Trading Down 2.3 %

Shares of PLUG traded down $0.02 during midday trading on Friday, reaching $0.90. The company had a trading volume of 128,899,897 shares, compared to its average volume of 50,861,852. The firm has a 50 day simple moving average of $1.47 and a 200-day simple moving average of $1.95. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market cap of $832.94 million, a PE ratio of -0.42 and a beta of 2.07. Plug Power Inc. has a 1-year low of $0.87 and a 1-year high of $4.90.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PLUG shares. Susquehanna lowered their target price on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Truist Financial decreased their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. StockNews.com raised shares of Plug Power to a "sell" rating in a report on Tuesday, March 4th. Piper Sandler cut their target price on shares of Plug Power from $1.40 to $1.10 and set an "underweight" rating for the company in a research note on Wednesday, March 5th. Finally, Morgan Stanley reduced their price target on shares of Plug Power from $1.75 to $1.60 and set an "underweight" rating on the stock in a report on Thursday, March 6th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $2.29.

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.