Norges Bank purchased a new position in shares of Plug Power Inc. (NASDAQ:PLUG) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,513,754 shares of the electronics maker’s stock, valued at approximately $220,881,000.
A number of other hedge funds also recently modified their holdings of the stock. North Star Investment Management Corp. increased its position in Plug Power by 30.5% during the fourth quarter. North Star Investment Management Corp. now owns 855 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 200 shares during the last quarter. Adirondack Trust Co. increased its position in Plug Power by 34.2% during the fourth quarter. Adirondack Trust Co. now owns 1,490 shares of the electronics maker’s stock worth $94,000 after purchasing an additional 380 shares during the last quarter. Cowa LLC acquired a new position in Plug Power during the fourth quarter worth approximately $35,000. Trustcore Financial Services LLC increased its position in Plug Power by 375.0% during the fourth quarter. Trustcore Financial Services LLC now owns 950 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 750 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new position in Plug Power during the fourth quarter worth approximately $28,000. 50.89% of the stock is owned by hedge funds and other institutional investors.
In other Plug Power news, Director Jonathan M. Silver sold 1,780 shares of the stock in a transaction on Monday, January 11th. The shares were sold at an average price of $48.92, for a total transaction of $87,077.60. Following the transaction, the director now directly owns 42,888 shares in the company, valued at approximately $2,098,080.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction on Wednesday, January 13th. The shares were sold at an average price of $70.45, for a total transaction of $704,500.00. Following the transaction, the director now owns 899,390 shares in the company, valued at $63,362,025.50. The disclosure for this sale can be found here. Insiders have sold a total of 595,048 shares of company stock worth $39,044,777 over the last quarter. 4.50% of the stock is currently owned by insiders.
Plug Power (NASDAQ:PLUG) last announced its earnings results on Thursday, February 25th. The electronics maker reported ($1.12) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($1.04). The firm had revenue of $139.66 million during the quarter, compared to analysts’ expectations of $84.93 million. Plug Power had a negative net margin of 33.75% and a negative return on equity of 37.12%. Equities research analysts predict that Plug Power Inc. will post -0.34 EPS for the current year.
PLUG has been the subject of several research analyst reports. Sanford C. Bernstein started coverage on shares of Plug Power in a research report on Wednesday, February 3rd. They set an “outperform” rating and a $75.00 price target for the company. Truist Securities reissued a “hold” rating and issued a $42.00 price objective (down previously from $65.00) on shares of Plug Power in a research report on Tuesday, March 23rd. Truist Financial lowered shares of Plug Power from a “buy” rating to a “hold” rating in a research report on Wednesday, March 17th. Piper Sandler dropped their price objective on shares of Plug Power from $48.00 to $42.00 in a research report on Tuesday. Finally, Canaccord Genuity increased their price objective on shares of Plug Power from $25.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $51.93.
Plug Power Profile
Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.
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