Banco Santander S.A. Cuts Stake in Plug Power Inc. (NASDAQ:PLUG)

Banco Santander S.A. lowered its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 40.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,274 shares of the electronics maker’s stock after selling 8,850 shares during the period. Banco Santander S.A.’s holdings in Plug Power were worth $28,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. increased 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 worth $15,000,000 after purchasing an additional 1,354,500 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Plug Power during the third quarter worth about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Plug Power by 24.5% during the third 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 purchasing an additional 476,060 shares in the last quarter. Stifel Financial Corp increased its stake in shares of Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after purchasing an additional 265,514 shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Plug Power by 166.4% during the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after purchasing an additional 265,042 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

Shares of PLUG stock opened at $1.71 on Tuesday. The firm’s 50 day moving average price is $2.04 and its 200-day moving average price is $2.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. Plug Power Inc. has a one year low of $1.37 and a one year high of $4.90. The firm has a market cap of $1.58 billion, a P/E ratio of -0.80 and a beta of 1.98.

Analysts Set New Price Targets

A number of analysts have recently commented on PLUG shares. Piper Sandler cut their target price on shares of 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 dropped their price objective on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. StockNews.com raised shares of Plug Power to a “sell” rating in a research note on Tuesday, March 4th. Finally, BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Six research 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.34.

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.