Bayesian Capital Management LP Takes Position in Plug Power Inc. (NASDAQ:PLUG)

Bayesian Capital Management LP bought a new position in shares of Plug Power Inc. (NASDAQ:PLUG) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 63,400 shares of the electronics maker’s stock, valued at approximately $135,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Mariner LLC grew its holdings in shares of Plug Power by 29.7% in the 4th quarter. Mariner LLC now owns 177,839 shares of the electronics maker’s stock valued at $379,000 after acquiring an additional 40,710 shares in the last quarter. Norges Bank acquired a new position in shares of Plug Power during the 4th quarter worth approximately $146,465,000. Wells Fargo & Company MN raised its stake in shares of Plug Power by 2.7% during the 4th quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker’s stock worth $5,720,000 after purchasing an additional 70,187 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $320,000. Finally, Vanguard Group Inc. grew its stake 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 buying an additional 4,491,114 shares in the last quarter. Institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

NASDAQ PLUG opened at $0.85 on Friday. The firm has a 50-day moving average price of $1.23 and a two-hundred day moving average price of $1.83. Plug Power Inc. has a 12-month low of $0.76 and a 12-month high of $4.90. The company has a market capitalization of $869.89 million, a P/E ratio of -0.40 and a beta of 2.19. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Plug Power in a research note on Monday, March 24th. Truist Financial cut their target price on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, March 5th. StockNews.com raised Plug Power to a “sell” rating in a research report on Tuesday, March 4th. Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Finally, UBS Group decreased their target price on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a report on Friday, March 21st. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Plug Power has an average rating of “Hold” and an average price target 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.