Renaissance Technologies LLC Raises Stock Holdings in Plug Power, Inc. $PLUG

Renaissance Technologies LLC raised its stake in shares of Plug Power, Inc. (NASDAQ:PLUG) by 97.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,738,500 shares of the electronics maker’s stock after acquiring an additional 13,685,900 shares during the period. Renaissance Technologies LLC owned approximately 1.99% of Plug Power worth $62,689,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PLUG. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in shares of Plug Power by 116.7% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after purchasing an additional 7,000 shares during the period. Sender Co & Partners Inc. purchased a new stake in Plug Power in the second quarter valued at approximately $26,000. DUTCH ASSET Corp purchased a new stake in Plug Power in the fourth quarter valued at approximately $29,000. Independent Advisor Alliance acquired a new position in Plug Power during the fourth quarter worth $30,000. Finally, GAMMA Investing LLC boosted its position in shares of Plug Power by 174.2% during the fourth quarter. GAMMA Investing LLC now owns 15,527 shares of the electronics maker’s stock worth $31,000 after buying an additional 9,865 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PLUG shares. Wall Street Zen cut Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. BMO Capital Markets raised their target price on Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a report on Tuesday, May 12th. Canaccord Genuity Group lifted their target price on Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Company increased their price target on shares of Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, May 19th. Finally, B. Riley Financial raised their price objective on shares of Plug Power from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average target price of $3.30.

Plug Power Stock Up 0.5%

PLUG stock opened at $2.10 on Monday. The company’s 50 day moving average price is $2.90 and its 200 day moving average price is $2.62. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. Plug Power, Inc. has a fifty-two week low of $1.39 and a fifty-two week high of $4.58. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -1.59 and a beta of 2.16.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. The company had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. The firm’s quarterly revenue was up 22.3% on a year-over-year basis. On average, equities research analysts anticipate that Plug Power, Inc. will post -0.25 EPS for the current fiscal year.

About Plug Power

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.