Modern Wealth Management LLC Makes New $64,000 Investment in Plug Power Inc. (NASDAQ:PLUG)

Modern Wealth Management LLC bought a new stake in Plug Power Inc. (NASDAQ:PLUG) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 30,216 shares of the electronics maker’s stock, valued at approximately $64,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after acquiring an additional 4,491,114 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Plug Power by 23.6% during 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. boosted its stake in shares of Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares during the period. XTX Topco Ltd purchased a new stake in shares of Plug Power during the third quarter valued at $2,174,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Plug Power by 75.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,407,949 shares of the electronics maker’s stock worth $2,999,000 after buying an additional 604,068 shares during the period. Institutional investors own 43.48% of the company’s stock.

Analyst Ratings Changes

PLUG has been the subject of several research reports. 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 report on Wednesday, March 5th. Morgan Stanley lowered their price target on Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a report on Thursday, March 6th. UBS Group reduced their price objective on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a report on Friday, March 21st. Piper Sandler lowered their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a report on Wednesday, March 5th. Finally, Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.31.

Plug Power Price Performance

Shares of PLUG opened at $1.34 on Friday. The company has a 50 day moving average of $1.74 and a two-hundred day moving average of $2.06. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -0.63 and a beta of 1.98. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power Inc. has a twelve month low of $1.33 and a twelve month high of $4.90.

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.