Billionaire Cliff Asness is Selling These 5 Stocks in 2022

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In this article, we discuss 5 stocks billionaire Cliff Asness is selling in 2022. If you want to see more stocks that were recently dumped by Asness, click Billionaire Cliff Asness is Selling These 10 Stocks in 2022.

5. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 33

Plug Power Inc. (NASDAQ:PLUG) is a New York-based company that specializes in hydrogen fuel cell solutions for the mobility, material handling, and stationary power industries in North America and international markets. Billionaire Cliff Asness held 11,775 shares of Plug Power Inc. (NASDAQ:PLUG) in Q4 2021, and he sold off the stake entirely in Q1 2022. 

Morgan Stanley analyst Stephen Byrd on May 17 maintained an Overweight rating and a $60 price target on Plug Power Inc. (NASDAQ:PLUG) shares after the company disclosed that it has been awarded a contract to manufacture a one gigawatt electrolyzer for hydrogen company, H2 Energy Europe, for green hydrogen production in Denmark. As per the analyst’s estimates, this order could drive revenue of $500 million upon its delivery in 2024. The analyst also added that he is optimistic about the early signs of success with large-scale projects and thinks there could be potential upside to his estimates.

According to Insider Monkey’s Q1 database, 33 hedge funds were bullish on Plug Power Inc. (NASDAQ:PLUG), up from 23 funds in the preceding quarter. D E Shaw is a significant shareholder of the company, with 5.25 million shares worth $150.2 million. 

In its Q2 2020 investor letter, Massif Capital, an asset management firm, highlighted a few stocks and Plug Power Inc. (NASDAQ:PLUG) was one of them. Here is what the fund said:

“We also closed our short position in Plug Power Inc. (NASDAQ:PLUG) this quarter as the market was subsumed with enthusiasm over their recent acquisitions, resulting in an almost 80% rally in the stock over ten trading days. Our decision to exit was painful at the time as we were forced to reconcile with a collective exuberance that was (and is, in our opinion) not grounded reality. In hindsight, it was the correct decision as we avoided most of its recent vertical trajectory.”

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