Edmond DE Rothschild Holding S.A. bought a new stake in shares of Plug Power Inc. (NASDAQ:PLUG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 74,440 shares of the electronics maker’s stock, valued at approximately $2,545,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Certified Advisory Corp purchased a new stake in shares of Plug Power during the first quarter worth about $25,000. SRS Capital Advisors Inc. purchased a new stake in shares of Plug Power in the 2nd quarter valued at approximately $26,000. Howe & Rusling Inc. acquired a new stake in Plug Power during the first quarter worth $32,000. Arcadia Investment Management Corp MI increased its position in shares of Plug Power by 300.0% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,000 shares of the electronics maker’s stock worth $34,000 after purchasing an additional 750 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in Plug Power in the 1st quarter valued at about $36,000. 47.46% of the stock is currently owned by institutional investors.
Shares of NASDAQ PLUG opened at $26.92 on Thursday. The stock’s 50-day simple moving average is $26.18 and its 200-day simple moving average is $29.41. The firm has a market capitalization of $15.46 billion, a PE ratio of -17.59 and a beta of 1.37. Plug Power Inc. has a fifty-two week low of $10.92 and a fifty-two week high of $75.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 18.94 and a current ratio of 19.78.
In related news, insider Sanjay K. Shrestha sold 5,700 shares of Plug Power stock in a transaction on Tuesday, July 13th. The shares were sold at an average price of $28.43, for a total transaction of $162,051.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.70% of the company’s stock.
PLUG has been the subject of a number of recent analyst reports. Citigroup began coverage on shares of Plug Power in a research report on Friday, July 23rd. They set a “buy” rating and a $35.00 price target for the company. Seaport Res Ptn restated a “buy” rating on shares of Plug Power in a research note on Thursday, July 15th. Barclays lifted their price objective on Plug Power from $24.00 to $27.00 and gave the company an “underweight” rating in a research note on Wednesday, June 23rd. Roth Capital decreased their target price on Plug Power from $65.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, August 6th. Finally, Truist Securities dropped their target price on Plug Power from $42.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, August 9th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Plug Power currently has an average rating of “Buy” and a consensus price target of $39.48.
About Plug Power
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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