Arizona State Retirement System Sells 8,649 Shares of Plug Power Inc. (NASDAQ:PLUG)

Arizona State Retirement System cut its holdings in Plug Power Inc. (NASDAQ:PLUG) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 216,014 shares of the electronics maker’s stock after selling 8,649 shares during the period. Arizona State Retirement System’s holdings in Plug Power were worth $460,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 last quarter. Bank of New York Mellon Corp lifted its stake in Plug Power by 8.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker’s stock worth $5,224,000 after purchasing an additional 183,438 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Plug Power by 24.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after purchasing an additional 476,060 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Plug Power by 5.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,929,676 shares of the electronics maker’s stock valued at $4,361,000 after acquiring an additional 92,736 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on PLUG shares. Susquehanna lowered their price objective on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley lowered their price objective on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research note on Thursday, March 6th. HC Wainwright lowered their price objective on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. StockNews.com raised shares of Plug Power to a “sell” rating in a research note on Tuesday, March 4th. Finally, BMO Capital Markets lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.34.

Plug Power Price Performance

Shares of PLUG opened at $1.66 on Friday. The stock has a market cap of $1.54 billion, a PE ratio of -0.78 and a beta of 1.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. Plug Power Inc. has a fifty-two week low of $1.37 and a fifty-two week high of $4.90. The firm’s 50-day simple moving average is $1.99 and its two-hundred day simple moving average is $2.08.

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.