Headlands Technologies LLC Takes Position in Plug Power, Inc. $PLUG

Headlands Technologies LLC purchased a new stake in Plug Power, Inc. (NASDAQ:PLUG) during the second quarter, HoldingsChannel.com reports. The firm purchased 1,763,652 shares of the electronics maker’s stock, valued at approximately $4,779,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of Plug Power by 21.0% during the 2nd quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock worth $498,728,000 after purchasing an additional 31,939,194 shares during the period. Vanguard Group Inc. increased its holdings in shares of Plug Power by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after purchasing an additional 19,967,339 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Plug Power by 553.9% in the second quarter. Russell Investments Group Ltd. now owns 710,470 shares of the electronics maker’s stock valued at $1,925,000 after purchasing an additional 601,816 shares during the period. California State Teachers Retirement System boosted its holdings in Plug Power by 45.6% during the first quarter. California State Teachers Retirement System now owns 1,560,305 shares of the electronics maker’s stock worth $3,526,000 after buying an additional 488,883 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Plug Power by 97.4% during the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after buying an additional 13,685,900 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PLUG. Roth Capital reaffirmed a “buy” rating and issued a $5.00 target price (up from $3.50) on shares of Plug Power in a report on Wednesday, August 12th. Morgan Stanley boosted their price target on Plug Power from $1.50 to $1.65 and gave the stock an “underweight” rating in a research note on Thursday, July 9th. BMO Capital Markets upped their price target on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a report on Tuesday, May 12th. Wall Street Zen downgraded Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, B. Riley Financial lifted their price objective on Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus price target of $3.59.

Plug Power Stock Performance

Shares of PLUG opened at $2.19 on Monday. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. The stock has a market cap of $3.06 billion, a P/E ratio of -1.74 and a beta of 2.20. The company has a 50-day moving average of $2.29 and a two-hundred day moving average of $2.60. Plug Power, Inc. has a 12-month low of $1.41 and a 12-month high of $4.58.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, research analysts predict that Plug Power, Inc. will post -0.26 EPS for the current fiscal year.

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.