Norges Bank Invests $146.47 Million in Plug Power Inc. (NASDAQ:PLUG)

Norges Bank purchased a new stake in shares of Plug Power Inc. (NASDAQ:PLUG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 68,763,006 shares of the electronics maker’s stock, valued at approximately $146,465,000. Norges Bank owned about 7.55% of Plug Power as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. bought a new position in shares of Plug Power during the fourth quarter valued at about $25,000. Pacific Sage Partners LLC purchased a new position in Plug Power during the 4th quarter valued at about $25,000. Jones Financial Companies Lllp raised its position in Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 6,074 shares during the last quarter. Callan Family Office LLC purchased a new stake in Plug Power in the 4th quarter worth approximately $27,000. Finally, Millburn Ridgefield Corp grew its position in shares of Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PLUG shares. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. Piper Sandler decreased their price objective on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a report on Wednesday, March 5th. Truist Financial cut their target price on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Finally, B. Riley cut their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.31.

Plug Power Trading Up 0.7 %

NASDAQ PLUG opened at $1.35 on Tuesday. The stock’s fifty day moving average price is $1.72 and its 200-day moving average price is $2.06. 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 market cap of $1.25 billion, a P/E ratio of -0.63 and a beta of 1.98. Plug Power Inc. has a 12 month low of $1.26 and a 12 month high of $4.90.

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.