Zurcher Kantonalbank Zurich Cantonalbank Has $1.86 Million Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Plug Power Inc. (NASDAQ:PLUG) by 37.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 798,396 shares of the electronics maker’s stock after acquiring an additional 219,570 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.11% of Plug Power worth $1,860,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Kestra Private Wealth Services LLC raised its position in shares of Plug Power by 48.0% during the fourth quarter. Kestra Private Wealth Services LLC now owns 17,505 shares of the electronics maker’s stock worth $79,000 after acquiring an additional 5,680 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Plug Power by 23.5% during the 4th quarter. Victory Capital Management Inc. now owns 72,715 shares of the electronics maker’s stock worth $327,000 after purchasing an additional 13,838 shares during the last quarter. M&T Bank Corp lifted its position in Plug Power by 26.9% during the 4th quarter. M&T Bank Corp now owns 50,053 shares of the electronics maker’s stock valued at $225,000 after purchasing an additional 10,618 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Plug Power by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after purchasing an additional 102,095 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Plug Power by 42.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 317,850 shares of the electronics maker’s stock worth $1,392,000 after buying an additional 95,092 shares during the period. 43.48% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Tuesday, May 14th. Craig Hallum decreased their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Royal Bank of Canada dropped their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Morgan Stanley reduced their target price on Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a report on Friday, May 10th. Finally, Piper Sandler lowered their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $5.19.

Plug Power Price Performance

Shares of PLUG opened at $1.88 on Monday. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a twelve month low of $1.86 and a twelve month high of $8.93. The stock has a market capitalization of $1.65 billion, a P/E ratio of -0.78 and a beta of 1.81. The company has a 50 day moving average of $2.38 and a 200-day moving average of $2.86.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same period last year, the business posted ($0.35) EPS. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, equities research analysts forecast that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

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.