Plug Power

PLUG • NASDAQ

Plug Power is a electrical equipment & parts company in the industrials sector on NASDAQ, led by Andy Marsh, with a market cap of $3.3B. As of Q3 2025, 46% of shares are held by 432 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.41%.

Chief Executive OfficerAndy Marsh

Market Cap$3.3B

Electrical Equipment & Parts

Industrials

Employees3.9K

Websiteplugpower.com

Country

United States of America

Overview

Overview of institutional ownership in PLUG as of Q3 2025 with a market cap of $2.7B

All Institutions

Institutions: 432
Value Held: $1.2B
Shares Held: 530.4M
Avg Position: $2.9M
Median Position: $57.5K

Hedge Funds

Hedge Funds: 28
Value Held: $101.3M
Shares Held: 43.5M
Avg Position: $3.6M
Median Position: $261.4K

Ownership Breakdown

Institutional (non-HF)

42.01%

$1.1B

Hedge Funds

3.73%

$101.3M

Retail & Other

54.26%

$1.5B

Based on market cap of $2.7B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PLUG as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$255.4M 0.00% of portfolio	9.41% 109.6M shares	Q3 2013 Held for 12y 2m	$6.69T
B BlackRock, Inc. Institution	-	$232.0M 0.00% of portfolio	8.55% 99.6M shares	Q2 2014 Held for 11y 5m	$5.67T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$64.8M 0.00% of portfolio	2.39% 27.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$57.9M 0.00% of portfolio	2.13% 24.8M shares	Q4 2013 Held for 11y 11m	$2.88T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$56.3M 0.01% of portfolio	2.07% 24.2M shares	Q4 2013 Held for 11y 11m	$691.34B
UBS Group AG Institution	Sergio P. Ermotti CEO	$54.2M 0.01% of portfolio	2.00% 23.3M shares	Q4 2014 Held for 10y 11m	$511.54B
L LEGAL & GENERAL GROUP PLC Institution	-	$41.2M 0.01% of portfolio	1.52% 17.7M shares	Q2 2014 Held for 11y 5m	$445.97B
D D. E. Shaw & Co., Inc. Institution	-	$30.0M 0.03% of portfolio	1.11% 12.9M shares	Q4 2016 Held for 8y 11m	$115.81B
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$25.2M 0.04% of portfolio	0.93% 10.8M shares	Q4 2023 Held for 1y 11m	$62.0B
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$23.3M 0.00% of portfolio	0.86% 10.0M shares	≤ Q2 2013 Held for 12y 5m+	$782.01B

Net Capital Flow

Institutional buying and selling activity for PLUG in Q3 2025

Traded: +$247.1M
Buyers: 207
Sellers: 137
Total Bought: +$307.5M
Total Sold: −$60.4M
Avg Position: $2.6M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$44.3M +19.0M shares	$56.3M 24.2M shares
B BlackRock, Inc. Institution	+$37.4M +16.1M shares	$232.0M 99.6M shares
UBS Group AG Institution	+$26.8M +11.5M shares	$54.2M 23.3M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$21.9M +9.4M shares	$22.8M 9.8M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$18.8M +8.1M shares	$25.2M 10.8M shares
VANGUARD GROUP INC Institution	+$18.1M +7.8M shares	$255.4M 109.6M shares
N Nuveen, LLC Institution	+$16.4M +7.0M shares	$21.5M 9.2M shares
Electron Capital Partners, LLC Hedge Fund•Long/Short	+$10.7M +4.6M shares	$10.7M 4.6M shares
STATE STREET CORP Institution	+$10.4M +4.4M shares	$57.9M 24.8M shares
D D. E. Shaw & Co., Inc. Institution	+$8.9M +3.8M shares	$30.0M 12.9M shares

Biggest Sellers

Institution	Net Sold	Current Position
Caitong International Asset Management Co., Ltd RIA/Wealth	−$8.8M −3.8M shares	$53.7K 23.0K shares
H HRT FINANCIAL LLC Institution	−$7.2M −3.1M shares	$22.8M 9.8M shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	−$6.1M −2.6M shares	$136.9K 58.7K shares
BARCLAYS PLC Institution	−$4.6M −2.0M shares	$3.8M 1.6M shares
MORGAN STANLEY RIA/Wealth	−$4.5M −1.9M shares	$11.7M 5.0M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$4.4M −1.9M shares	$6.1M 2.6M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$2.8M −1.2M shares	$944.4K 405.3K shares
S SG Americas Securities, LLC Institution	−$2.6M −1.1M shares	$845.0K 362.7K shares
X XTX Topco Ltd Institution	−$2.2M −952.4K shares	$1.6M 672.2K shares
V Vontobel Holding Ltd. Institution	−$1.8M −774.5K shares	$7.2M 3.1M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PLUG in Q3 2025

New Positions: 32
New Value: $6.2M
Exited Positions: 42
Exited Value: $4.3M

New Positions

Institution	Position Value
1492 Capital Management LLC Long Only Manager	$1.2M 509.9K shares
Lighthouse Investment Partners, LLC Fund of Funds	$1.0M 430.0K shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	$727.4K 312.2K shares
O ODDO BHF ASSET MANAGEMENT SAS Institution	$721.9K 309.8K shares
C Concentric Capital Strategies, LP Hedge Fund•Long/Short	$574.2K 246.5K shares
Ursa Fund Management, LLC Hedge Fund•Event Driven	$466.0K 200.0K shares
S SIH Partners, LLLP Institution	$405.6K 174.1K shares
K K2 PRINCIPAL FUND, L.P. Institution	$349.5K 150.0K shares
M MYDA Advisors LLC Hedge Fund•Long/Short	$209.7K 90.0K shares
W WESBANCO BANK INC Institution	$116.5K 50.0K shares

Exited Positions

Institution	Previous Position
Scientech Research LLC Hedge Fund•Market Neutral	$1.2M 831.2K shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	$873.4K 586.2K shares
Q Qube Research & Technologies Ltd Institution	$551.7K 370.3K shares
ARDSLEY ADVISORY PARTNERS Hedge Fund•Long/Short	$372.6K 250.0K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$294.9K 197.9K shares
P Polymer Capital Management LLC Hedge Fund•Multi-Strategy	$152.0K 102.0K shares
T TWO SIGMA SECURITIES, LLC Institution	$138.2K 92.8K shares
Cresset Asset Management, LLC RIA/Wealth	$135.5K 91.0K shares
I Itau Unibanco Holding S.A. Institution	$62.2K 46.1K shares
BEARING POINT CAPITAL, LLC RIA/Wealth	$60.3K 40.5K shares

Options Activity

Institutions with the largest Call and Put options positions in PLUG as of Q3 2025

Call Positions: 24
Call Value: $81.5M
Put Positions: 21
Put Value: $53.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$35.5M 152.4K contracts
J JANE STREET GROUP, LLC Institution	$13.0M 55.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$11.6M 49.8K contracts
B BNP PARIBAS ARBITRAGE, SA Institution	$8.9M 381.0 contracts
D D. E. Shaw & Co., Inc. Institution	$5.6M 24.1K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$2.3M 10.0K contracts
W WOLVERINE TRADING, LLC Institution	$1.7M 7.7K contracts
Walleye Trading LLC RIA/Wealth	$508.2K 2.2K contracts
Caption Management, LLC Hedge Fund•Long/Short	$466.0K 2.0K contracts
H HSBC HOLDINGS PLC Institution	$447.4K 1.9K contracts

Put Positions

Institution	Position Value
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$16.1M 69.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.6M 36.8K contracts
GOLDMAN SACHS GROUP INC Institution	$5.6M 24.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.3M 18.4K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$4.0M 17.2K contracts
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC Hedge Fund•Long/Short	$2.3M 10.0K contracts
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	$2.0M 8.7K contracts
B BNP PARIBAS ARBITRAGE, SA Institution	$1.9M 80.6 contracts
C CSS LLC/IL Institution	$1.9M 8.0K contracts
J JANE STREET GROUP, LLC Institution	$1.6M 7.0K contracts

Most Committed Institutions

Institutions with PLUG as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	Mark Allen Broach Managing Partner	2.07% $5.9M	0.22% 2.5M shares	Q2 2021 Held for 4y 5m	$282.7M
Ursa Fund Management, LLC Hedge Fund•Event Driven	Russell Palmer Douglas Managing Partner	0.92% $466.0K	0.02% 200.0K shares	Q3 2025 Held for 2 months	$50.7M
Electron Capital Partners, LLC Hedge Fund•Long/Short	Ran Nmn Zhou Managing Partner	0.48% $10.7M	0.39% 4.6M shares	Q3 2025 Held for 2 months	$2.2B
1492 Capital Management LLC Long Only Manager	Timothy Terrill Stracka Managing Partner	0.48% $1.2M	0.04% 509.9K shares	Q3 2025 Held for 2 months	$249.8M
M MASTERS CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	Michael Willingham Masters CEO	0.45% $2.3M	0.09% 1.0M shares	Q2 2025 Held for 5 months	$521.3M
Worth Venture Partners, LLC Fund of Funds	David Alexander Wertentheil CEO	0.34% $69.9K	0.00% 30.0K shares	Q3 2025 Held for 2 months	$20.3M
H Headlands Technologies LLC Institution	-	0.32% $4.1M	0.15% 1.7M shares	Q2 2025 Held for 5 months	$1.3B
H HC Advisors, LLC RIA/Wealth	Daniel Christopher Henning CEO	0.17% $244.7K	0.01% 105.0K shares	Q2 2022 Held for 3y 5m	$142.3M
K K2 PRINCIPAL FUND, L.P. Institution	-	0.13% $349.5K	0.01% 150.0K shares	Q3 2025 Held for 2 months	$265.6M
Cobblestone Asset Management LLC RIA/Wealth	Richard Robert Krafcik Managing Partner	0.13% $269.0K	0.01% 115.5K shares	Q1 2025 Held for 8 months	$213.5M

Hedge Fund Spotlight

Discover hedge funds investing in PLUG

Engineers Gate Manager LP

Hedge Fund • Quant

Portfolio ManagerRobert Gregory Eisner

Portfolio Value: $8.8B
Positions: 2,112
Last Reported: Q3 2025

Sector Allocation

Position in Plug Power

Market Value: $63.4K
Shares Held: 27.2K
Portfolio Weight: 0.00%
Owned Since: 2023-Q3

Top Holding	Sector	Market Value	Weight
1 Invesco QQQ Trust QQQ	ETF ETF	$155.2M	1.77%
2 SPDR S&P 500 ETF Trust SPY	ETF ETF	$115.3M	1.32%
3 Sabra Healthcare SBRA	REIT - Healthcare Facilities Real Estate	$112.9M	1.29%