Institutional investors show mixed sentiment towards Plug Power (PLUG) as Morgan Stanley (NYSE: MS) emerges as the largest buyer of the company's stock during the third quarter. Despite this, three of Plug's top five shareholders reported selling shares. Other significant shareholders include BlackRock (NYSE: BLK) and Vanguard.

On Tuesday, PLUG stock surged by 10%, providing a glimmer of hope for investors, although it is important to note that shares are still down by over 60% year-to-date. The stock took a significant hit in early November, dropping by 40% following the release of the company's third-quarter earnings, which included a going concern warning.

Tracking institutional ownership is crucial as it provides insight into the market sentiment and support for stocks. During the third quarter, a total of 483 13F filers disclosed a stake in PLUG stock, a decline of 32 filers from the previous quarter. The total shares owned by these filers remained steady at 301.39 million, compared to 301.04 million during Q2. However, none of these filers listed Plug Power in their top 10 positions.

Hedge funds, included in the 13F data, exhibited a more bearish sentiment towards the company. Although the number of funds that owned PLUG shares increased from 86 in Q2 to 87 in Q3, total shares held dropped by 9.35% to 34.97 million from 38.58 million.

Let's take a closer look at Plug Power's top five largest shareholders:

Grove Energy Capital holds the largest stake with 54.96 million shares, according to Q1 2022 data.

Vanguard follows closely with 53.70 million shares. In Q3 2023, Vanguard sold 658,776 shares.

BlackRock, with 45.71 million shares, sold 3.16 million shares during the same quarter.

Morgan Stanley acquired 10.37 million shares during Q3, bringing their total holdings to 22.28 million shares.

BNP Paribas holds 21.82 million shares. In Q3, they sold 349,330 shares.

The mix of buying and selling activity among these major shareholders suggests differing opinions on Plug Power's future prospects. While Morgan Stanley increased its holdings significantly, other investors opted to reduce their exposure to the stock. As the year progresses, it remains to be seen how these ownership patterns will impact Plug Power's performance in the market.