Raiffeisen Bank International AG Takes Position in Plug Power Inc. (NASDAQ:PLUG)

Raiffeisen Bank International AG purchased a new stake in shares of Plug Power Inc. (NASDAQ:PLUG) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 20,780 shares of the electronics maker’s stock, valued at approximately $46,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after buying an additional 4,491,114 shares during the period. Norges Bank purchased a new stake in shares of Plug Power during the 4th quarter valued at approximately $146,465,000. Geode Capital Management LLC raised its position in shares of Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after buying an additional 722,639 shares during the period. Legal & General Group Plc raised its position in Plug Power by 8.5% in the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock valued at $21,602,000 after purchasing an additional 796,774 shares during the period. Finally, Northern Trust Corp raised its position in Plug Power by 11.1% in the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after purchasing an additional 790,650 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

Shares of PLUG stock opened at $0.79 on Tuesday. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average price of $1.11 and a 200 day moving average price of $1.76. The company has a market cap of $850.60 million, a P/E ratio of -0.37 and a beta of 2.19. Plug Power Inc. has a 12 month low of $0.69 and a 12 month high of $3.55.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The firm had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Sell-side analysts predict that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of research analyst reports. Wells Fargo & Company cut their target price on Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 14th. Piper Sandler cut their target price on Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a research report on Wednesday, May 14th. Roth Capital reissued a “buy” rating on shares of Plug Power in a research report on Tuesday, May 13th. StockNews.com raised Plug Power to a “sell” rating in a research report on Tuesday, May 13th. Finally, Susquehanna cut their target price on Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $1.91.

Insider Buying and Selling

In other news, CFO Paul B. Middleton bought 350,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $0.72 per share, for a total transaction of $252,000.00. Following the completion of the purchase, the chief financial officer now owns 1,908,064 shares in the company, valued at approximately $1,373,806.08. This trade represents a 22.46% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.70% of the company’s stock.

About Plug Power

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.