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Bank of Nova Scotia Raises Stake in Plug Power Inc.

Bank of Nova Scotia, a Canadian financial institution, has taken a significant step in its investment portfolio by raising its stake in Plug Power Inc. (NASDAQ:PLUG), an American-based electronics manufacturer, by 79.2% in the fourth quarter.

The bank has acquired an additional 173,388 shares of Plug Power, bringing its total holdings in the company to 392,442 shares, which is valued at $842,000. This move is a testament to the bank’s confidence in Plug Power’s growth potential and its commitment to the company’s mission to develop hydrogen and fuel cell product solutions. Several other institutional investors and hedge funds have also made changes to their positions in Plug Power, including:

  • Stifel Financial Corp, which increased its holdings by 23.4%
  • Norges Bank, which acquired a new stake worth approximately $146,465,000
  • KLP Kapitalforvaltning AS, which acquired a new position worth approximately $320,000
  • American Century Companies Inc., which grew its position by 21.0%
  • Vanguard Group Inc., which raised its position by 5.4%

These institutional investors and hedge funds collectively own 43.48% of Plug Power’s stock, indicating a high level of confidence in the company’s prospects. Plug Power’s market capitalization has fluctuated over the past few months, with a 52-week low of $1.05 and a 52-week high of $4.90.
The company’s debt-to-equity ratio is 0.15, its quick ratio is 0.95, and its current ratio is 2.08, indicating a relatively stable financial position.
The stock has a market cap of $980.69 million, a P/E ratio of -0.50, and a beta of 2.07.

Several Wall Street analysts have weighed in on Plug Power’s stock, with some maintaining a neutral or sell rating, while others have given it a hold or buy rating.

For example, UBS Group has decreased its target price on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock.
Truist Financial has also lowered its price objective on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock.
On the other hand, Piper Sandler has dropped its price objective on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company.
Overall, Plug Power currently has a consensus rating of “Hold” and an average price target of $2.29, indicating a divided opinion among analysts.

Plug Power Inc.

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