Van ECK Associates Corp Sells 827,481 Shares of Plug Power Inc. (NASDAQ:PLUG)

Van ECK Associates Corp decreased its position in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 19.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,404,520 shares of the electronics maker's stock after selling 827,481 shares during the quarter. Van ECK Associates Corp owned about 0.37% of Plug Power worth $7,252,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Creative Planning boosted its holdings in Plug Power by 35.9% in the third quarter. Creative Planning now owns 115,614 shares of the electronics maker's stock worth $261,000 after purchasing an additional 30,552 shares in the last quarter. Prio Wealth Limited Partnership acquired a new stake in shares of Plug Power in the third quarter worth about $29,000. Krane Funds Advisors LLC boosted its stake in shares of Plug Power by 8.6% during the 3rd quarter. Krane Funds Advisors LLC now owns 436,616 shares of the electronics maker's stock worth $987,000 after acquiring an additional 34,673 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Plug Power by 119.3% during the 3rd quarter. Signaturefd LLC now owns 19,028 shares of the electronics maker's stock valued at $43,000 after acquiring an additional 10,352 shares during the last quarter. Finally, Eastern Bank bought a new position in shares of Plug Power in the 3rd quarter valued at approximately $53,000. Institutional investors and hedge funds own 43.48% of the company's stock.

Plug Power Stock Performance

PLUG traded down $0.09 during trading on Friday, reaching $1.66. 66,249,122 shares of the company's stock were exchanged, compared to its average volume of 68,885,820. The company has a market capitalization of $1.51 billion, a P/E ratio of -0.78 and a beta of 1.79. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $2.20 and a 200 day moving average price of $2.13. Plug Power Inc. has a fifty-two week low of $1.57 and a fifty-two week high of $4.90.

Analysts Set New Price Targets

PLUG has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a research report on Thursday, November 14th. Piper Sandler decreased their price objective on shares of Plug Power from $1.60 to $1.40 and set an "underweight" rating for the company in a report on Thursday, November 14th. Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. HC Wainwright reissued a "buy" rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Plug Power to a "sell" rating in a report on Monday, February 10th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $4.12.

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.