This Fund Just Bought $6 Million in Plug Power Stock — Is a Turnaround in Sight?

Connecticut-based Manatuck Hill Partners disclosed the purchase of 2.5 million shares of Plug Power Inc. (PLUG), resulting in a post-trade position valued at approximately $5.9 million per a November 14 SEC filing.

What Happened

According to a filing with the Securities and Exchange Commission dated November 14, Manatuck Hill Partners, LLC acquired 2.5 million additional shares of Plug Power Inc. (PLUG). The estimated value increase of $5.84 million reflects both the new share purchases and changes in Plug Power’s market price during the third quarter. The fund now holds just over 2.5 million shares valued at $5.9 million at quarter-end.

What Else to Know

This buy brings the Plug Power stake to 1.9% of Manatuck's $302.3 million in reportable U.S. equity holdings as of September 30.

Top holdings after filing:

• NYSE: ZETA: $14 million (4.6% of AUM)
• NASDAQ: REAL: $13.6 million (4.6% of AUM)
• NYSE: IMAX: $11.1 million (3.8% of AUM)
• NASDAQ: OPRX: $9.7 million (3.3% of AUM)
• NYSE: HLF: $8.4 million (2.9% of AUM)

As of Friday, Plug Power shares were priced at $2.20, up 10% over the past year and slightly underperforming the S&P 500, which is up 13% in the same period.

Company Overview

Company Snapshot

• Plug Power offers end-to-end clean hydrogen and fuel cell solutions, including PEM fuel cells, hydrogen generation, storage, and dispensing systems, as well as hybrid fuel cell/battery technologies.
• The company generates revenue through direct product sales, integrated hydrogen infrastructure, service programs, and strategic partnerships across the supply chain, logistics, stationary power, and mobility sectors.
• It serves a diverse customer base in North America and internationally, targeting material handling, on-road electric vehicles, telecommunications, transportation, and utility markets.

Plug Power Inc. is a leading provider of hydrogen fuel cell solutions, focused on building a comprehensive green hydrogen ecosystem. The company leverages proprietary technology and strategic partnerships to address the growing demand for clean energy across multiple industries. Plug Power's integrated approach and robust infrastructure position it as a key player in the transition to zero-emissions power solutions.

Foolish Take

Manatuck's buoyed interest in Plug Power seemingly signals a willingness to underwrite a potential multiyear turnaround rather than treat recent volatility as a permanent state. Plug is still absolutely nowhere near historical highs, but its latest quarter showed operational progress that could influence future sentiment. Revenue climbed to $177 million, driven by electrolyzers and hydrogen fuel sales, and the company sharply improved operating cash burn, cutting usage by 49% year over year to about $90 million. Management also highlighted record hydrogen production uptime at the Georgia Green Hydrogen Plant and a $370 million capital raise — moves that extend liquidity as Plug works toward its EBITDAS-positive target in 2026.

Still, losses remain substantial, with a GAAP gross loss of roughly $120 million and a net loss of $363.5 million for the quarter. In that context, Plug’s modest position within Manatuck’s portfolio — far smaller than Zeta, The RealReal, or IMAX — suggests the fund views the stock as an asymmetric option rather than a core holding.

Glossary

AUM: Assets Under Management; the total market value of investments managed by a fund or investment firm.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Compound annual growth rate (CAGR): The mean annual growth rate of an investment over a specified time period, assuming profits are reinvested.
Post-trade position: The number of shares or value of a holding after a transaction has been completed.
Stake: The ownership interest or share held in a company by an investor or fund.
Top holdings: The largest investments in a fund's portfolio, typically ranked by market value.
Market capitalization: The total value of a company's outstanding shares, calculated as share price times number of shares.
Fuel cell: A device that generates electricity through a chemical reaction, often using hydrogen as a fuel source.
PEM fuel cell: Proton Exchange Membrane fuel cell; a type of fuel cell known for quick startup and suitability for vehicles.
Integrated hydrogen infrastructure: A coordinated network for producing, storing, and distributing hydrogen fuel.
Strategic partnerships: Formal alliances between companies to pursue shared business objectives or projects.
Material handling: The movement, protection, storage, and control of materials in manufacturing, warehousing, and distribution.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.