Mitsubishi UFJ Asset Management Co. Ltd. Acquires 411,558 Shares of Plug Power, Inc. $PLUG

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Plug Power, Inc. (NASDAQ:PLUG) by 50.7% during the second quarter, Holdings Channel.com reports. The firm owned 1,223,498 shares of the electronics maker’s stock after purchasing an additional 411,558 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Plug Power were worth $3,316,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Kestra Advisory Services LLC lifted its stake in shares of Plug Power by 11.8% during the 1st quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker’s stock valued at $97,000 after buying an additional 4,525 shares in the last quarter. Earned Wealth Advisors LLC lifted its position in shares of Plug Power by 12.6% in the first quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker’s stock worth $100,000 after buying an additional 4,923 shares in the last quarter. Abel Hall LLC raised its holdings in shares of Plug Power by 9.2% during the 1st quarter. Abel Hall LLC now owns 62,213 shares of the electronics maker’s stock worth $141,000 after acquiring an additional 5,223 shares in the last quarter. Wealthfront Advisers LLC lifted its position in Plug Power by 8.2% during the first quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 5,283 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Plug Power by 53.6% in the 4th quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker’s stock valued at $31,000 after acquiring an additional 5,503 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PLUG shares. TD Cowen raised their price target on Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Company raised their price objective on Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. BMO Capital Markets lifted their price objective on shares of Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a report on Tuesday, May 12th. Roth Capital reaffirmed a “buy” rating and set a $5.00 price target (up from $3.50) on shares of Plug Power in a research report on Wednesday, August 12th. Finally, Susquehanna cut their target price on Plug Power from $3.75 to $2.50 and set a “neutral” rating on the stock in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.59.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $2.27 on Friday. Plug Power, Inc. has a one year low of $1.41 and a one year high of $4.58. The firm has a fifty day moving average of $2.35 and a 200 day moving average of $2.59. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.32 and a current ratio of 2.32. The firm has a market cap of $3.17 billion, a PE ratio of -1.80 and a beta of 2.20.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The business had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $169.11 million. The company’s revenue 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.

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.