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

Norges Bank purchased a new position in Plug Power Inc. (NASDAQ:PLUG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 68,763,006 shares of the electronics maker's stock, valued at approximately $146,465,000. Norges Bank owned 7.55% of Plug Power as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Intech Investment Management LLC purchased a new position in Plug Power in the 3rd quarter valued at about $277,000. Charles Schwab Investment Management Inc. lifted its position in shares of Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker's stock worth $15,000,000 after buying an additional 1,354,500 shares during the last quarter. Cerity Partners LLC grew its holdings in shares of Plug Power by 100.9% during the third quarter. Cerity Partners LLC now owns 433,869 shares of the electronics maker's stock valued at $981,000 after purchasing an additional 217,858 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Plug Power by 13.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 435,166 shares of the electronics maker's stock worth $983,000 after buying an additional 52,980 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker's stock worth $959,000 after acquiring an additional 265,042 shares during the period. Institutional investors and hedge funds own 43.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler decreased their price target on Plug Power from $1.40 to $1.10 and set an "underweight" rating for the company in a research note on Wednesday, March 5th. Truist Financial decreased their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Susquehanna decreased their price target on shares of Plug Power from $2.50 to $1.80 and set a "neutral" rating for the company in a report on Wednesday, March 5th. Morgan Stanley reduced their price objective on Plug Power from $1.75 to $1.60 and set an "underweight" rating for the company in a research report on Thursday, March 6th. Finally, B. Riley dropped their price objective on Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $2.31.

Plug Power Price Performance

Shares of PLUG stock traded up $0.01 on Friday, hitting $1.22. 50,864,484 shares of the company's stock were exchanged, compared to its average volume of 49,167,510. The stock has a market cap of $1.13 billion, a P/E ratio of -0.57 and a beta of 1.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a 50 day moving average of $1.65 and a 200 day moving average of $2.04. Plug Power Inc. has a 12 month low of $1.08 and a 12 month high of $4.90.

Plug Power Company 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.