Plug Power, Inc. $PLUG Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its holdings in shares of Plug Power, Inc. (NASDAQ:PLUG) by 97.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,738,500 shares of the electronics maker’s stock after purchasing an additional 13,685,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Plug Power were worth $62,689,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Plug Power by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock worth $255,311,000 after buying an additional 19,967,339 shares during the last quarter. State Street Corp grew its position in shares of Plug Power by 29.9% in the 4th quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock valued at $63,549,000 after buying an additional 7,416,943 shares during the last quarter. Geode Capital Management LLC lifted its position in Plug Power by 12.4% in the fourth quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock valued at $61,611,000 after acquiring an additional 3,456,323 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Plug Power by 241.2% in the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after acquiring an additional 12,820,616 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Plug Power by 4.2% during the third quarter. Legal & General Group Plc now owns 17,695,077 shares of the electronics maker’s stock worth $41,230,000 after purchasing an additional 714,212 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Trading Up 0.5%

NASDAQ:PLUG opened at $2.10 on Monday. Plug Power, Inc. has a 12-month low of $1.39 and a 12-month high of $4.58. The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89. The stock’s 50 day simple moving average is $2.90 and its 200-day simple moving average is $2.62. The firm has a market cap of $2.93 billion, a P/E ratio of -1.59 and a beta of 2.16.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, beating 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 firm had revenue of $163.51 million for the quarter, compared to analyst estimates of $139.87 million. During the same period last year, the firm posted ($0.21) EPS. Plug Power’s quarterly revenue was up 22.3% on a year-over-year basis. Equities analysts anticipate that Plug Power, Inc. will post -0.25 EPS for the current year.

Analysts Set New Price Targets

PLUG has been the subject of a number of research analyst reports. Susquehanna decreased their target price on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a research report on Friday, July 10th. Canaccord Genuity Group increased their price objective on Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a report on Tuesday, May 12th. Morgan Stanley lifted their target price on shares of Plug Power from $1.50 to $1.65 and gave the company an “underweight” rating in a report on Thursday, July 9th. BMO Capital Markets upped their price target on shares of Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research report on Tuesday, May 12th. Finally, B. Riley Financial raised their price objective on shares of Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $3.30.

Plug Power Company 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.