Healthcare of Ontario Pension Plan Trust Fund Acquires 476,060 Shares of Plug Power Inc. (NASDAQ:PLUG)

Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 24.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,421,222 shares of the electronics maker's stock after buying an additional 476,060 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.28% of Plug Power worth $5,472,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power during the second quarter valued at approximately $26,000. SteelPeak Wealth LLC bought a new stake in shares of Plug Power in the 2nd quarter worth $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power in the 2nd quarter worth $28,000. Madison Park Capital Advisors LLC acquired a new stake in shares of Plug Power in the second quarter valued at $29,000. Finally, Profund Advisors LLC bought a new position in Plug Power during the second quarter valued at about $29,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Stock Up 5.2 %

Shares of NASDAQ:PLUG traded up $0.11 during midday trading on Friday, hitting $2.24. 44,108,918 shares of the stock were exchanged, compared to its average volume of 41,854,961. The company has a market capitalization of $2.04 billion, a PE ratio of -1.05 and a beta of 1.81. Plug Power Inc. has a 52-week low of $1.60 and a 52-week high of $5.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The business's fifty day simple moving average is $2.09 and its two-hundred day simple moving average is $2.36.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period last year, the firm earned ($0.47) earnings per share. The firm's revenue for the quarter was down 12.6% on a year-over-year basis. As a group, research analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Truist Financial cut their price target on shares of Plug Power from $3.00 to $2.00 and set a "hold" rating for the company in a report on Monday, August 12th. Canaccord Genuity Group cut their target price on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating for the company in a research note on Wednesday, November 13th. Evercore ISI decreased their price target on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 13th. Craig Hallum cut their price objective on Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Thursday, November 14th. Finally, HC Wainwright restated a "buy" rating and issued a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $4.52.

About Plug Power

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.