The Manufacturers Life Insurance Company Grows Stock Holdings in Plug Power Inc. (NASDAQ:PLUG)

The Manufacturers Life Insurance Company grew its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 144.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 382,186 shares of the electronics maker’s stock after purchasing an additional 225,834 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Plug Power were worth $890,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PLUG. Vanguard Group Inc. boosted its stake in Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares during the last quarter. Van ECK Associates Corp increased its position in Plug Power by 37.0% during the second quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after purchasing an additional 923,579 shares during the last quarter. Swedbank AB purchased a new position in Plug Power during the first quarter worth approximately $10,687,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Plug Power by 5.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock valued at $10,022,000 after purchasing an additional 150,088 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after buying an additional 1,036,777 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Analyst Ratings Changes

PLUG has been the subject of a number of research reports. Royal Bank of Canada dropped their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Truist Financial decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Jefferies Financial Group reduced their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company reduced their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.01.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $2.12 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The firm has a market capitalization of $1.57 billion, a PE ratio of -0.88 and a beta of 1.79. Plug Power Inc. has a 1-year low of $1.60 and a 1-year high of $7.90. The business’s fifty day moving average price is $2.03 and its two-hundred day moving average price is $2.53.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) 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 firm had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period in the previous year, the firm earned ($0.35) earnings per share. The company’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, research analysts expect that Plug Power Inc. will post -1.15 EPS for the current 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.