Renaissance Technologies LLC Invests $6.24 Million in Plug Power Inc. (NASDAQ:PLUG)

Renaissance Technologies LLC acquired a new stake in Plug Power Inc. (NASDAQ:PLUG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,927,200 shares of the electronics maker's stock, valued at approximately $6,235,000. Renaissance Technologies LLC owned 0.32% of Plug Power as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in Plug Power in the 4th quarter valued at $146,465,000. Vanguard Group Inc. raised its position in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the period. Geode Capital Management LLC lifted its stake in shares of Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker's stock worth $43,388,000 after buying an additional 3,662,456 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Plug Power by 8.5% during the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock worth $21,602,000 after buying an additional 796,774 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Plug Power by 75.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,407,949 shares of the electronics maker's stock valued at $2,999,000 after buying an additional 604,068 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Price Performance

NASDAQ:PLUG traded up $0.01 during mid-day trading on Thursday, reaching $0.85. The stock had a trading volume of 21,481,093 shares, compared to its average volume of 51,567,492. Plug Power Inc. has a 12 month low of $0.76 and a 12 month high of $4.90. The stock has a market capitalization of $789.18 million, a PE ratio of -0.40 and a beta of 2.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The stock has a 50-day simple moving average of $1.41 and a two-hundred day simple moving average of $1.93.

Analyst Upgrades and Downgrades

PLUG has been the subject of several research reports. Truist Financial cut their price objective on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Susquehanna decreased their price objective on Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a report on Monday, April 14th. HC Wainwright reiterated a "buy" rating and set a $3.00 price objective on shares of Plug Power in a research report on Monday, March 24th. StockNews.com raised shares of Plug Power to a "sell" rating in a research report on Tuesday, March 4th. Finally, UBS Group lowered their price target on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $2.29.

Plug Power 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.