Summit Securities Group LLC Acquires New Position in Plug Power Inc. (NASDAQ:PLUG)

Summit Securities Group LLC bought a new position in shares of Plug Power Inc. (NASDAQ:PLUG) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 27,000 shares of the electronics maker’s stock, valued at approximately $58,000.

Other large investors have also recently modified their holdings of the company. Pictet Asset Management Holding SA lifted its position in shares of Plug Power by 45.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 116,210 shares of the electronics maker’s stock worth $248,000 after buying an additional 36,408 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in shares of Plug Power by 111.0% in the fourth quarter. Duff & Phelps Investment Management Co. now owns 158,576 shares of the electronics maker’s stock worth $338,000 after acquiring an additional 83,416 shares during the last quarter. Norges Bank acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $146,465,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Plug Power by 19.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 782,049 shares of the electronics maker’s stock valued at $1,666,000 after purchasing an additional 128,193 shares during the last quarter. Finally, Modern Wealth Management LLC acquired a new position in Plug Power during the 4th quarter worth approximately $64,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Stock Performance

PLUG stock opened at $1.34 on Monday. The firm has a market cap of $1.24 billion, a PE ratio of -0.63 and a beta of 1.98. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $1.74 and a 200-day moving average price of $2.06. Plug Power Inc. has a 1-year low of $1.30 and a 1-year high of $4.90.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. B. Riley cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. BMO Capital Markets cut their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Truist Financial lowered their target price on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, March 5th. UBS Group cut their price target on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, March 21st. Finally, Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Six 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.31.

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.