Dimensional Fund Advisors LP Increases Stake in Plug Power Inc. (NASDAQ:PLUG)

Dimensional Fund Advisors LP has enhanced its ownership in Plug Power Inc. (NASDAQ:PLUG) by 20.3% during the second quarter of the year. This update comes from its latest filing with the Securities and Exchange Commission (SEC). Following the acquisition of 187,205 additional shares during this period, Dimensional Fund Advisors now holds a total of 1,109,530 shares in the energy solutions company. According to their recent filing, this stake in Plug Power is valued at approximately $2,588,000, which constitutes about 0.15% of the company's total shares.

Several other institutional investors and hedge funds have also made recent adjustments to their investments in Plug Power. For instance, SteelPeak Wealth LLC established a new position during the second quarter, valued at approximately $26,000. Similarly, Nations Financial Group Inc. IA ADV and Aire Advisors LLC both acquired new shares also valued around $26,000 and $28,000, respectively. Madison Park Capital Advisors LLC and Meeder Advisory Services Inc. also entered new stakes in Plug Power worth about $29,000 and $34,000, respectively. Currently, around 43.48% of the company’s stock is held by institutional investors and hedge funds.

Recent Stock Performance

The stock of Plug Power has recently seen an increase of 7.6%. On the last trading day, PLUG shares opened at $2.12. Over the past year, the stock has experienced a low of $1.60 and a high of $7.90. In terms of financial ratios, the company has a quick ratio of 0.91, a current ratio of 2.07, and a debt-to-equity ratio of 0.16. The market cap of Plug Power currently stands at $1.86 billion, with a price-to-earnings (P/E) ratio of -0.90 and a beta of 1.79. Additionally, the stock has a 50-day moving average of $2.03 and a 200-day moving average of $2.55.

Latest Quarterly Earnings Report

Plug Power recently disclosed its quarterly earnings on August 8th. For the quarter, the company reported an earnings per share (EPS) of ($0.36), which unfortunately fell short of analysts' predictions of ($0.30) by $0.06. Revenue for the quarter was reported at $143.40 million, significantly below the expected $184.54 million. The company also reported a negative return on equity of 47.51% and a net margin of -216.80%. When compared to the same quarter in the previous year, quarterly revenue saw a decline of 44.9%. Last year at the same time, Plug Power reported an EPS of ($0.35). Analysts predict that the company will post an EPS of -1.15 for the current fiscal year.

Analyst Ratings and Price Targets

Plug Power has been analyzed by multiple research firms. For example, Susquehanna has reduced its target price for the stock from $3.00 to $2.00 while maintaining a "neutral" rating in their report dated August 12th. Piper Sandler also lowered its price target from $2.50 to $2.40, assigning an "underweight" rating. Jefferies Financial Group's recent report adjusted the target price from $2.20 to $2.00 and gave it a “hold” rating while B. Riley increased the stock’s rating to “strong-buy” back on June 25th. Truist Financial lowered its price target from $3.00 to $2.00 and recommended a hold in their August report. The consensus among analysts indicates that the stock has four sell ratings, fifteen hold ratings, seven buy ratings, and one strong buy rating. Overall, MarketBeat.com data reveals an average price target of $5.01 and a consensus rating of “Hold.”

Overview of Plug Power Inc.

Plug Power Inc. is a company that specializes in developing solutions related to hydrogen and fuel cells across various regions including North America, Europe, and Asia. The company’s portfolio includes products like GenDrive, which is a hydrogen-fueled fuel cell system for material handling vehicles, and GenSure, a stationary fuel cell that provides backup power to telecommunications and utility industries. Additionally, Plug Power offers GenFuel for liquid hydrogen delivery and storage, and GenCare for ongoing maintenance of its fuel cell systems. The GenKey program serves as an integrated solution for entities transitioning to fuel cell power.

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