K2 Principal Fund L.P. Purchases 300,000 Shares of Plug Power, Inc. $PLUG

K2 Principal Fund L.P. boosted its position in shares of Plug Power, Inc. (NASDAQ:PLUG) by 200.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 450,000 shares of the electronics maker’s stock after acquiring an additional 300,000 shares during the period. K2 Principal Fund L.P.’s holdings in Plug Power were worth $886,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Plug Power by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after buying an additional 19,967,339 shares during the last quarter. SG Americas Securities LLC boosted its stake in Plug Power by 208.6% during the fourth quarter. SG Americas Securities LLC now owns 1,119,191 shares of the electronics maker’s stock valued at $2,205,000 after buying an additional 756,510 shares during the last quarter. Leonteq Securities AG purchased a new stake in Plug Power during the fourth quarter valued at approximately $734,000. Prescott Group Capital Management L.L.C. purchased a new stake in Plug Power during the fourth quarter valued at approximately $1,202,000. Finally, Handelsbanken Fonder AB purchased a new stake in Plug Power during the fourth quarter valued at approximately $3,915,000. 43.48% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of recent research reports. Canaccord Genuity Group upped their price objective on Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Company upped their price objective on Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, May 19th. Wall Street Zen upgraded Plug Power from a “sell” rating to a “hold” rating in a research report on Saturday. BMO Capital Markets upped their price objective on Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research report on Tuesday, May 12th. Finally, B. Riley Financial increased their price target on Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.42.

Plug Power Trading Down 2.5%

Shares of NASDAQ PLUG opened at $2.76 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The business’s 50 day moving average price is $3.26 and its 200-day moving average price is $2.54. Plug Power, Inc. has a fifty-two week low of $1.03 and a fifty-two week high of $4.58. The company has a market cap of $3.85 billion, a price-to-earnings ratio of -2.09 and a beta of 2.12.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The firm had revenue of $163.51 million for the quarter, compared to the consensus estimate of $139.87 million. During the same period in the prior year, the business posted ($0.21) earnings per share. The company’s revenue for the quarter was up 22.3% on a year-over-year basis. On average, sell-side analysts expect that Plug Power, Inc. will post -0.26 earnings per share for the current year.

Plug Power Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.