Leading hydrogen company Plug Power (NASDAQ:PLUG) is seeing some serious downside pressure today. As of this writing, shares of PLUG stock are plummeting more 10% following disappointing earnings results.
For the first quarter, Plug reported a loss of 35 cents per share, much greater than the analyst estimate for a 26 cent loss. Of course, revenue did beat expectations. But the company also saw continued cash burn, with only $1.37 billion of cash and cash equivalents on the books at the end of Q1 compared to $3.18 billion during the same quarter the year prior.
Making matters worse, the company guided significantly below Wall Street’s estimates for full-year revenue. Specifically, Plug expects full-year 2023 revenue to come in between a range of $1.2 billion and $1.4 billion. Analysts had full-year estimates pegged at more than $2 billion.
Finally, fuel margins are likely to remain under pressure, as the price of hydrogen (a function of natural gas prices) fluctuates. This is clearly not what investors wanted to hear.
With that said, let’s dive into which institutional investors are betting that Plug Power can make it through this difficult period.
Top 5 Holders of PLUG Stock
According to Yahoo Finance, these are the top five institutional investors in Plug Power:
- Vanguard owns 51.87 million shares, or 8.64% of the company.
- BlackRock (NYSE:BLK) owns 50.84 million shares, or 8.47% of the company.
- Voya Investment Management owns 17.39 million shares, or 2.90% of the company.
- BNP Paribas (OTCMKTS:BNPQY) owns 17.27 million shares, or 2.88% of the company.
- Norges Bank owns 17.07 million shares, or 2.84% of the company.
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
