Published on 12 Oct 2021 on Insider Monkey via Yahoo Finance

Hedge Funds Have Never Been This Bullish On Plug Power, Inc. (PLUG)

In this article we will take a look at whether hedge funds think Plug Power, Inc. (NASDAQ:PLUG) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from investment bankers and industry insiders. Sure they sometimes fail miserably, but their consensus stock picks historically outperformed the market after adjusting for known risk factors.

Plug Power, Inc. (NASDAQ:PLUG) was in 34 hedge funds' portfolios at the end of June. The all time high for this statistic was previously 25. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. PLUG investors should pay attention to an increase in hedge fund sentiment in recent months. There were 25 hedge funds in our database with PLUG positions at the end of the first quarter. Our calculations also showed that PLUG isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings).

Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Hedge funds have more than $3.5 trillion in assets under management, so you can't expect their entire portfolios to beat the market by large margins. Our research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 79 percentage points since March 2017 (see the details here). So you can still find a lot of gems by following hedge funds' moves today.