Vontobel Holding Ltd. Sells 608,608 Shares of Plug Power Inc. (NASDAQ:PLUG)

Vontobel Holding Ltd. lowered its stake in Plug Power Inc. (NASDAQ:PLUG - Free Report) by 17.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,817,746 shares of the electronics maker's stock after selling 608,608 shares during the period. Vontobel Holding Ltd. owned 0.31% of Plug Power worth $6,002,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PLUG. Geode Capital Management LLC increased its holdings in shares of 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 valued at $43,388,000 after purchasing an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Plug Power by 25.6% during 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 acquiring an additional 1,354,500 shares during the period. XTX Topco Ltd acquired a new stake in Plug Power during the 3rd quarter worth $2,174,000. Van ECK Associates Corp grew its holdings in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker's stock worth $8,803,000 after acquiring an additional 809,187 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Plug Power by 24.5% during the 3rd 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 acquiring an additional 476,060 shares during the period. Institutional investors and hedge funds own 43.48% of the company's stock.

Plug Power Stock Down 2.2 %

PLUG traded down $0.04 during trading on Wednesday, hitting $1.77. The company had a trading volume of 39,262,913 shares, compared to its average volume of 69,492,875. The company has a market capitalization of $1.61 billion, a PE ratio of -0.83 and a beta of 1.79. Plug Power Inc. has a one year low of $1.57 and a one year high of $4.90. The firm's 50-day moving average price is $2.25 and its 200 day moving average price is $2.14. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Evercore ISI lowered their target price on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, November 13th. Wells Fargo & Company decreased their price target on shares of Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a report on Thursday, November 14th. Craig Hallum decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a report on Thursday, November 14th. Seaport Res Ptn lowered shares of Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Finally, Canaccord Genuity Group decreased their price target on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating for the company in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Plug Power currently has a consensus rating of "Hold" and an average target price of $4.12.

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.