On September 3, 2023, it was reported that Carmignac Gestion had reduced its position in Plug Power Inc. by 18.4% during the first quarter of the year. This information was disclosed in the company’s most recent filing with the Securities and Exchange Commission. As a result of this reduction, Carmignac Gestion now owns 67,284 shares of Plug Power’s stock, down from their previous holdings of 82,480 shares.
At the time of the filing, the value of Carmignac Gestion’s holdings in Plug Power amounted to $789,000. This move by Carmignac Gestion indicates a change in their investment strategy and suggests a lack of confidence or a desire to reallocate their capital elsewhere.
Plug Power Inc. is a company that specializes in providing clean hydrogen and zero-emissions fuel cell solutions for various applications such as supply chain and logistics, on-road electric vehicles, and stationary power markets. The company operates both in North America and internationally.
In its pursuit of building an end-to-end green hydrogen ecosystem, Plug Power is involved in activities such as producing liquid green hydrogen, establishing storage and handling facilities for it, developing transportation infrastructure for hydrogen distribution, and setting up dispensing systems.
The decision by Carmignac Gestion to reduce its position in Plug Power may have various implications for both companies. For Plug Power, it could potentially affect its financial stability or raise questions about its future prospects in the market.
Investors and industry analysts may be keen to closely observe any further developments or statements regarding this particular investment move by Carmignac Gestion as it could provide insights into their overall investment strategy or market sentiments towards Plug Power Inc.
It is important to note that this information is based on the most recent disclosure available at the time of writing and investors should stay informed about any subsequent filings or announcements made by both Carmignac Gestion and Plug Power. These updates will provide a more comprehensive understanding of the situation and its potential impact on the market and stakeholders involved.
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Recent Adjustments in Holdings and Ratings for Plug Power: Insights into Institutional Investors and Analysts Perspectives
In recent months, several institutional investors and hedge funds have been making noteworthy adjustments to their positions in Plug Power (NASDAQ: PLUG). BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in the electronics maker by a meager 0.3% during the first quarter. This move resulted in BNP PARIBAS ASSET MANAGEMENT Holding now owning a total of 17,273,417 shares of Plug Power’s stock, valued at approximately $202,445,000 after acquiring an additional 59,614 shares in the last quarter.
Another notable investor is Norges Bank, who acquired a new stake in Plug Power during the fourth quarter valued at an estimated $211,176,000. State Street Corp also made an increase of 6.3% in their holdings of Plug Power during the third quarter. They now own about 14,008,927 shares of the electronics maker’s stock with a value of $294,328,000 after acquiring an extra 826,142 shares during the last quarter.
Morgan Stanley has also shown interest by raising its holdings in Plug Power by 3.1% during the fourth quarter. The investment bank now possesses approximately 10,052,469 shares of Plug Power’s stock valued at $124,349,000 after gaining an additional 303,185 shares.
Geode Capital Management LLC concludes our list of prominent investors with a raise in its holdings by 6.1% during the fourth quarter as well. With this increase and expansion strategy itself validated which boosted confidence for many investors like Geode Capital Management LLC., they now own roughly 7 million shares of Plug Power’s stock worth around $94 million after acquiring an additional gain of 439K+ shares throughout Q4.
Currently standing at nearly half (49.99%) ownership is held by hedge funds and other institutional investors collectively.
Analysts have recently issued numerous reports on Plug Power’s stock. In August, Roth Capital downgraded their rating from “buy” to “neutral.” This was followed by Royal Bank of Canada reducing the target price on Plug Power’s shares from $17.00 to $12.00 in May. Despite these changes, HC Wainwright reiterated a “buy” rating, while Citigroup initiated coverage and set a “buy” rating with a $13.00 target price.
The trend continued as Northland Securities upgraded their rating from “market perform” to “outperform,” setting a target price of $22.00 for Plug Power’s stock in July. Overall, the company currently has an average rating of “Moderate Buy,” according to Bloomberg.com.
As of September 1st, Plug Power traded at the price of $8.57 per share – a modest increase of $0.11 from the previous trading day. The trading volume amounted to 3,724,037 shares, significantly lower than its average volume of 21,615,600 shares.
Over the past year, the company experienced fluctuations in its stock value with a current low point at $7.39 and high point at $30.43 per share. Presently, Plug Power enjoys a market capitalization of approximately $5.16 billion alongside a P/E ratio of -5.92 and beta coefficient of 1.83.
It is worth mentioning that Plug Power announced its most recent earnings results on August 9th, revealing an EPS (earnings per share) figure of ($0.35), which fell short compared to analysts’ consensus estimate by ($0.07). Despite this shortfall, the company reported revenue amounting to $260 million during the quarter – surpassing analysts’ expectations that stood at around $237 million.
Plug Power has been challenged not only with profitability but also with negative net margins reaching 95%. Its return on equity has also been in the red, standing at -20.27%. Looking forward, analysts anticipate that Plug Power will post an EPS of -1.19 for the current year.
As we near the end of a tumultuous quarter, investors and industry experts eagerly await further developments and performance readings from Plug Power Inc., hoping to gain insights into its future prospects and market trajectory.
