J. Derek Lewis & Associates Inc. Takes $535,000 Position in Plug Power, Inc. $PLUG

J. Derek Lewis & Associates Inc. acquired a new stake in shares of Plug Power, Inc. (NASDAQ:PLUG) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 271,555 shares of the electronics maker’s stock, valued at approximately $535,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PLUG. Vanguard Group Inc. lifted its position 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 purchasing an additional 19,967,339 shares in the last quarter. State Street Corp increased its position in Plug Power by 29.9% in the fourth quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock worth $63,549,000 after buying an additional 7,416,943 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Plug Power by 12.4% in the fourth quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock worth $61,611,000 after buying an additional 3,456,323 shares during the period. Legal & General Group Plc raised its stake in shares of Plug Power by 4.2% in the third quarter. Legal & General Group Plc now owns 17,695,077 shares of the electronics maker’s stock worth $41,230,000 after buying an additional 714,212 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Plug Power during the 4th quarter valued at about $27,684,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PLUG. Weiss Ratings reiterated a “sell (d-)” rating on shares of Plug Power in a research note on Tuesday, April 21st. Oppenheimer reaffirmed a “market perform” rating on shares of Plug Power in a report on Tuesday, March 3rd. TD Cowen upped their price target on shares of Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Company increased their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, May 19th. Finally, Jefferies Financial Group decreased their price objective on shares of Plug Power from $2.00 to $1.80 and set a “hold” rating on the stock in a research report on Monday, March 9th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.42.

Plug Power Price Performance

Shares of PLUG opened at $2.85 on Friday. The business’s 50 day moving average is $3.28 and its 200 day moving average is $2.57. The company has a market capitalization of $3.98 billion, a PE ratio of -2.16 and a beta of 2.12. Plug Power, Inc. has a 12-month low of $1.03 and a 12-month high of $4.58. The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $163.51 million for the quarter, compared to analysts’ expectations of $139.87 million. During the same period in the previous year, the firm earned ($0.21) EPS. The firm’s revenue was up 22.3% compared to the same quarter last year. Research analysts expect that Plug Power, Inc. will post -0.24 earnings per share for the current fiscal year.

Plug Power Company 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.