It hasn’t exactly been a compelling year for Plug Power (NASDAQ:PLUG), as shares of the green hydrogen company are down by nearly 20% year-to-date (YTD). This comes despite the resumption of liquid hydrogen production at Plug’s Tennessee facility and the start of hydrogen production at its new plant in Georgia. In total, the two plants have a daily liquid hydrogen production capacity of 25 tons.
Last week, Plug also unveiled its new cost-cutting plan, which is expected to save $75 million per year. The plan is expected to have a one-time implementation cost of $15 million and includes layoffs, consolidating operations and lowering discretionary spending.
“The implementation of this strategic plan is essential for Plug to sustain its market leadership and continue to provide innovative renewable energy solutions,” said CEO Andy Marsh. “We are confident that this strategic realignment will strengthen our competitive position and contribute to our long-term success.”
Costs are a major issue for Plug, which operates in a capital-intensive industry. The company has demonstrated solid revenue growth throughout the past few years, but that has been accompanied with rising net losses and falling margins.
5 Investors Betting Big on PLUG Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the fourth quarter, 455 13F filers disclosed a stake in PLUG stock compared to 498 filers during Q3. The total shares owned by these filers fell by 1.9% to 296.86 million. None of the filers own PLUG in their top 10 positions.
Hedge funds, who are included in 13F data, were bearish as well. 83 hedge funds disclosed a stake in the company compared to 89 funds during the prior quarter. These funds own 26.51 million shares, down by a significant 24.29% quarter-over-quarter. No hedge funds owned PLUG stock in their top 10 positions as of Dec. 31.
With that in mind, let’s take a look at Plug’s top shareholders:
- Vanguard: 53.98 million shares. Vanguard acquired 283,376 shares during the fourth quarter.
- BlackRock (NYSE:BLK): 51.30 million shares. BlackRock acquired 5.58 million shares during Q4.
- Morgan Stanley (NYSE:MS): 22.48 million shares. Morgan Stanley acquired 202,741 shares during Q4.
- Norges Bank: 21.73 million shares. Norges acquired its entire stake during the fourth quarter.
- State Street (NYES:STT): 21.46 million shares. State Street acquired 5.69 million shares during Q4.
On the date of publication, Eddie Pan 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.
