Mirae Asset Global Investments Co. Ltd. Acquires New Stake in Plug Power, Inc. $PLUG

Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Plug Power, Inc. (NASDAQ:PLUG) in the third quarter, Holdings Channel reports. The fund bought 3,525,728 shares of the electronics maker’s stock, valued at approximately $6,840,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock valued at $498,728,000 after acquiring an additional 31,939,194 shares in the last quarter. State Street Corp increased its position in shares of Plug Power by 6.1% during the second quarter. State Street Corp now owns 38,763,529 shares of the electronics maker’s stock worth $105,049,000 after purchasing an additional 2,214,427 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Plug Power by 97.4% during the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after purchasing an additional 13,685,900 shares in the last quarter. Handelsbanken Fonder AB raised its stake in Plug Power by 446.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock valued at $51,529,000 after purchasing an additional 15,537,320 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Plug Power by 241.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after purchasing an additional 12,820,616 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Insiders Place Their Bets

In other Plug Power news, insider Benjamin Haycraft sold 200,000 shares of the business’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $2.14, for a total transaction of $428,000.00. Following the transaction, the insider owned 101,249 shares of the company’s stock, valued at approximately $216,672.86. The trade was a 66.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 241,935 shares of company stock worth $509,397 over the last quarter. Insiders own 1.37% of the company’s stock.

Plug Power Trading Down 7.5%

Shares of Plug Power stock opened at $1.35 on Friday. The stock has a market cap of $1.89 billion, a P/E ratio of -1.07 and a beta of 2.13. The stock’s 50 day simple moving average is $1.79 and its 200-day simple moving average is $2.37. Plug Power, Inc. has a 1-year low of $1.30 and a 1-year high of $4.33. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.32 and a quick ratio of 1.32.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (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 analyst estimates of $169.11 million. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. Analysts predict that Plug Power, Inc. will post -0.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of research reports. Susquehanna decreased their price objective on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a report on Wednesday, October 14th. Morgan Stanley reaffirmed an “underweight” rating and set a $1.20 target price on shares of Plug Power in a report on Wednesday, October 14th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Plug Power in a research report on Tuesday, September 29th. Craig Hallum reissued a “buy” rating on shares of Plug Power in a research note on Tuesday, August 11th. Finally, Oppenheimer reissued a “market perform” rating on shares of Plug Power in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus target price of $3.40.

Plug Power Profile

Plug Power Inc is a clean-energy technology company that develops hydrogen and fuel-cell solutions for commercial and industrial customers. Founded in 1997 and headquartered in Latham, New York, the company focuses on replacing conventional batteries and fossil-fuel-powered equipment with hydrogen-based power systems.

Its product portfolio includes fuel-cell systems for material-handling equipment, backup and stationary power, and commercial vehicles; hydrogen engines and fuel-cell stacks; electrolyzers that produce hydrogen from water; and hydrogen generation, storage, and delivery infrastructure.