101,450 Shares in Plug Power Inc. (NASDAQ:PLUG) Purchased by Industrial Alliance Investment Management Inc.

Industrial Alliance Investment Management Inc. acquired a new position in shares of Plug Power Inc. (NASDAQ:PLUG – Get Rating) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 101,450 shares of the electronics maker’s stock, valued at approximately $2,131,000.

A number of other institutional investors have also recently added to or reduced their stakes in PLUG. Two Sigma Investments LP lifted its holdings in shares of Plug Power by 310.7% in the third quarter. Two Sigma Investments LP now owns 3,456,638 shares of the electronics maker’s stock valued at $72,624,000 after purchasing an additional 2,615,081 shares in the last quarter. Indus Capital Partners LLC purchased a new stake in shares of Plug Power in the second quarter valued at about $20,989,000. Encompass Capital Advisors LLC purchased a new stake in shares of Plug Power in the second quarter valued at about $18,227,000. Handelsbanken Fonder AB raised its position in shares of Plug Power by 184.0% in the third quarter. Handelsbanken Fonder AB now owns 1,613,924 shares of the electronics maker’s stock valued at $33,909,000 after buying an additional 1,045,713 shares during the last quarter. Finally, State Street Corp raised its position in shares of Plug Power by 6.3% in the third quarter. State Street Corp now owns 14,008,927 shares of the electronics maker’s stock valued at $294,328,000 after buying an additional 826,142 shares during the last quarter. Hedge funds and other institutional investors own 52.07% of the company’s stock.

Plug Power Stock Performance

Shares of NASDAQ:PLUG opened at $11.80 on Friday. The stock has a market capitalization of $7.00 billion, a P/E ratio of -9.44 and a beta of 1.81. Plug Power Inc. has a 1-year low of $11.39 and a 1-year high of $32.05. The company has a current ratio of 5.20, a quick ratio of 4.19 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $15.18 and a two-hundred day moving average price of $17.36.

Wall Street Analysts Forecast Growth

PLUG has been the subject of a number of analyst reports. Morgan Stanley cut their price objective on shares of Plug Power from $48.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 10th. BMO Capital Markets cut their price objective on shares of Plug Power from $18.00 to $15.00 and set a “market perform” rating for the company in a research report on Thursday, March 2nd. UBS Group initiated coverage on shares of Plug Power in a research report on Tuesday, December 13th. They issued a “buy” rating and a $26.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on shares of Plug Power from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Finally, Susquehanna cut their price objective on shares of Plug Power from $28.00 to $25.00 in a research report on Thursday, January 26th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Plug Power has an average rating of “Moderate Buy” and a consensus target price of $23.86.

About Plug Power

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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.