KLP Kapitalforvaltning AS Takes $320,000 Position in Plug Power Inc. (NASDAQ:PLUG)

KLP Kapitalforvaltning AS acquired a new position in 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 acquired 150,000 shares of the electronics maker’s stock, valued at approximately $320,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the period. XTX Topco Ltd bought a new position in Plug Power during the 3rd quarter valued at $2,174,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Plug Power by 75.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,407,949 shares of the electronics maker’s stock valued at $2,999,000 after purchasing an additional 604,068 shares during the period. Finally, Main Management ETF Advisors LLC bought a new stake in shares of Plug Power in the 3rd quarter worth $823,000. Institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

Shares of PLUG opened at $1.22 on Friday. The company’s 50 day moving average price is $1.65 and its 200 day moving average price is $2.04. The company has a market capitalization of $1.13 billion, a PE ratio of -0.57 and a beta of 1.98. Plug Power Inc. has a 52 week low of $1.08 and a 52 week high of $4.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Analyst Ratings Changes

Several brokerages recently weighed in on PLUG. Piper Sandler decreased their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research note on Wednesday, March 5th. UBS Group lowered their price objective on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, March 21st. B. Riley cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Plug Power in a research report on Monday, March 24th. Finally, Morgan Stanley cut their price objective on Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research report on Thursday, March 6th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.33.

Plug Power Profile

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.