Geode Capital Management LLC Raises Stock Position in Plug Power, Inc. $PLUG

Geode Capital Management LLC lifted its holdings in Plug Power, Inc. (NASDAQ:PLUG) by 14.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,071,904 shares of the electronics maker’s stock after buying an additional 3,125,542 shares during the period. Geode Capital Management LLC’s holdings in Plug Power were worth $35,872,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. QRG Capital Management Inc. raised its position in Plug Power by 31.8% during the second quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 6,039 shares during the period. Mandatum Life Insurance Co Ltd increased its position in shares of Plug Power by 17.6% during the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker’s stock valued at $73,000 after purchasing an additional 7,300 shares during the last quarter. Avidian Wealth Enterprises LLC increased its position in shares of Plug Power by 45.4% during the 2nd quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 7,500 shares during the last quarter. Obermeyer Wealth Partners raised its holdings in Plug Power by 100.0% during the 2nd quarter. Obermeyer Wealth Partners now owns 20,000 shares of the electronics maker’s stock valued at $30,000 after buying an additional 10,000 shares during the period. Finally, IFP Advisors Inc raised its holdings in Plug Power by 62.8% during the 2nd quarter. IFP Advisors Inc now owns 30,083 shares of the electronics maker’s stock valued at $45,000 after buying an additional 11,604 shares during the period. Institutional investors own 43.48% of the company’s stock.

Analyst Ratings Changes

PLUG has been the topic of a number of analyst reports. Cowen reiterated a “buy” rating on shares of Plug Power in a research report on Wednesday, November 19th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Plug Power in a research note on Monday. Susquehanna cut their price target on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating on the stock in a report on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Plug Power in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company boosted their target price on Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a research report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $2.80.

Plug Power Price Performance

Shares of PLUG stock opened at $1.98 on Thursday. Plug Power, Inc. has a twelve month low of $0.69 and a twelve month high of $4.58. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $2.78 and a two-hundred day simple moving average of $1.86. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -0.86 and a beta of 2.28.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.01. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The firm had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. On average, analysts predict that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Benjamin Haycraft sold 10,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $2.92, for a total value of $29,200.00. Following the completion of the sale, the executive vice president owned 467,583 shares in the company, valued at approximately $1,365,342.36. The trade was a 2.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.41% of the company’s stock.

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.