Vontobel Holding Ltd. Acquires 1,051,400 Shares of Plug Power Inc. (NASDAQ:PLUG)

Vontobel Holding Ltd. raised its holdings in Plug Power Inc. (NASDAQ:PLUG) by 44.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,426,354 shares of the electronics maker’s stock after purchasing an additional 1,051,400 shares during the period. Vontobel Holding Ltd. owned approximately 0.46% of Plug Power worth $7,744,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pitcairn Co. grew its position in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after buying an additional 4,169 shares in the last quarter. Cetera Advisors LLC grew its holdings in shares of Plug Power by 33.0% during the 1st quarter. Cetera Advisors LLC now owns 27,733 shares of the electronics maker’s stock worth $95,000 after purchasing an additional 6,885 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Plug Power by 11.0% in the first quarter. Advisors Asset Management Inc. now owns 70,442 shares of the electronics maker’s stock worth $242,000 after purchasing an additional 7,006 shares during the period. Victory Capital Management Inc. raised its stake in Plug Power by 8.6% in the second quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock valued at $205,000 after purchasing an additional 7,014 shares in the last quarter. Finally, Swiss National Bank lifted its position in Plug Power by 0.8% during the first quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock worth $3,701,000 after purchasing an additional 8,300 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PLUG shares. Jefferies Financial Group decreased their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Truist Financial cut their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Royal Bank of Canada decreased their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Canaccord Genuity Group dropped their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, Craig Hallum reduced their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.01.

Plug Power Trading Down 1.4 %

NASDAQ PLUG opened at $2.04 on Friday. The firm has a market capitalization of $1.51 billion, a PE ratio of -0.85 and a beta of 1.79. The business’s 50-day moving average price is $2.03 and its two-hundred day moving average price is $2.51. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a 12 month low of $1.60 and a 12 month high of $7.62.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The firm had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business’s revenue for the quarter was down 44.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.35) EPS. On average, analysts expect that Plug Power Inc. will post -1.15 EPS for the current year.

Plug Power Company 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.