California State Teachers Retirement System lifted its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 9.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 621,695 shares of the electronics maker’s stock after purchasing an additional 54,927 shares during the quarter. California State Teachers Retirement System’s holdings in Plug Power were worth $22,282,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PLUG. Certified Advisory Corp purchased a new position in shares of Plug Power during the 1st quarter worth $25,000. Penserra Capital Management LLC purchased a new position in Plug Power during the 4th quarter valued at about $28,000. Close Asset Management Ltd purchased a new position in Plug Power during the 1st quarter valued at about $28,000. Dividend Assets Capital LLC purchased a new position in Plug Power during the 1st quarter valued at about $31,000. Finally, TCI Wealth Advisors Inc. boosted its holdings in Plug Power by 718.3% during the 1st quarter. TCI Wealth Advisors Inc. now owns 892 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 783 shares during the period. Institutional investors and hedge funds own 49.15% of the company’s stock.
PLUG has been the subject of a number of research analyst reports. Oppenheimer restated a “buy” rating on shares of Plug Power in a report on Monday, May 17th. Wells Fargo & Company initiated coverage on Plug Power in a report on Monday, April 26th. They set an “equal weight” rating and a $30.00 target price for the company. Evercore ISI restated a “buy” rating on shares of Plug Power in a report on Friday, June 25th. Canaccord Genuity cut Plug Power from a “buy” rating to a “hold” rating and lowered their target price for the company from $69.00 to $31.00 in a report on Wednesday, June 23rd. They noted that the move was a valuation call. Finally, Royal Bank of Canada assumed coverage on Plug Power in a report on Wednesday, June 30th. They set an “outperform” rating and a $42.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Plug Power currently has a consensus rating of “Hold” and an average target price of $44.73.
Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, June 21st. The electronics maker reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.04). The firm had revenue of $72.00 million during the quarter, compared to analyst estimates of $66.62 million. During the same quarter in the previous year, the business earned ($0.12) earnings per share. The business’s quarterly revenue was up 76.5% on a year-over-year basis. Equities analysts forecast that Plug Power Inc. will post -0.27 EPS for the current year.
About Plug Power
Plug Power Inc provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies, as well as related hydrogen and green hydrogen generation, storage, and dispensing infrastructure.
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