Mitsubishi UFJ Asset Management Co. Ltd. Purchases 411,558 Shares of Plug Power, Inc. $PLUG

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Plug Power, Inc. (NASDAQ:PLUG) by 50.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,223,498 shares of the electronics maker’s stock after buying an additional 411,558 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.09% of Plug Power worth $3,316,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of PLUG. Kestra Advisory Services LLC grew its stake in shares of Plug Power by 11.8% during the 1st quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker’s stock worth $97,000 after acquiring an additional 4,525 shares during the period. Earned Wealth Advisors LLC grew its stake in Plug Power by 12.6% during the first quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker’s stock valued at $100,000 after acquiring an additional 4,923 shares in the last quarter. Abel Hall LLC increased its holdings in shares of Plug Power by 9.2% in the first quarter. Abel Hall LLC now owns 62,213 shares of the electronics maker’s stock worth $141,000 after purchasing an additional 5,223 shares during the period. Wealthfront Advisers LLC increased its stake in Plug Power by 8.2% in the 1st quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker’s stock worth $158,000 after acquiring an additional 5,283 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Plug Power by 53.6% in the fourth quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker’s stock worth $31,000 after purchasing an additional 5,503 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

PLUG stock opened at $2.27 on Friday. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. Plug Power, Inc. has a 12-month low of $1.41 and a 12-month high of $4.58. The stock has a market capitalization of $3.17 billion, a PE ratio of -1.80 and a beta of 2.20. The stock’s 50 day simple moving average is $2.35 and its 200 day simple moving average is $2.59.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, topping the consensus estimate 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 company had revenue of $178.30 million during the quarter, compared to the consensus estimate of $169.11 million. The firm’s revenue was up 2.5% compared to the same quarter last year. As a group, research analysts forecast that Plug Power, Inc. will post -0.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on PLUG shares. UBS Group reissued a “buy” rating and issued a $5.00 target price on shares of Plug Power in a research note on Tuesday, August 11th. Wall Street Zen downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Wells Fargo & Company upped their price target on Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, May 19th. Oppenheimer reaffirmed a “market perform” rating on shares of Plug Power in a research report on Tuesday, August 11th. Finally, Susquehanna lowered their target price on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a research note on Friday, July 10th. Two equities research 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 stock. According to data from MarketBeat, Plug Power has an average rating of “Hold” and a consensus price target of $3.59.

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.