UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Stock Position in Plug Power, Inc. $PLUG

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in shares of Plug Power, Inc. (NASDAQ:PLUG) by 21.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,808,090 shares of the electronics maker’s stock after selling 783,976 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Plug Power were worth $7,610,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLUG. BlackRock Inc. grew its stake in shares of Plug Power by 21.0% during the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock valued at $498,728,000 after acquiring an additional 31,939,194 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Plug Power by 553.9% in the second quarter. Russell Investments Group Ltd. now owns 710,470 shares of the electronics maker’s stock worth $1,925,000 after acquiring an additional 601,816 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Plug Power by 45.6% in the first quarter. California State Teachers Retirement System now owns 1,560,305 shares of the electronics maker’s stock valued at $3,526,000 after purchasing an additional 488,883 shares during the last quarter. Renaissance Technologies LLC grew its stake in Plug Power by 97.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock valued at $62,689,000 after purchasing an additional 13,685,900 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its stake in Plug Power by 446.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock valued at $51,529,000 after purchasing an additional 15,537,320 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PLUG. TD Cowen upped their target price on Plug Power from $2.00 to $3.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. Roth Capital reissued a “buy” rating and set a $5.00 price target (up from $3.50) on shares of Plug Power in a research report on Wednesday, August 12th. Wells Fargo & Company lifted their price target 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. Oppenheimer reaffirmed a “market perform” rating on shares of Plug Power in a report on Tuesday, August 11th. Finally, Morgan Stanley increased their price objective on shares of Plug Power from $1.50 to $1.65 and gave the company an “underweight” rating in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus price target of $3.59.

Plug Power Stock Performance

Shares of PLUG stock opened at $2.17 on Tuesday. The company has a market cap of $3.03 billion, a P/E ratio of -1.72 and a beta of 2.21. The business has a 50 day moving average of $2.23 and a two-hundred day moving average of $2.61. Plug Power, Inc. has a 52 week low of $1.41 and a 52 week high of $4.58. The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The business had revenue of $178.30 million for the quarter, compared to analysts’ expectations of $169.11 million. The firm’s revenue was up 2.5% compared to the same quarter last year. As a group, analysts anticipate that Plug Power, Inc. will post -0.26 EPS 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.