M&T Bank Corp Decreases Stake in Plug Power Inc. (NASDAQ:PLUG)

M&T Bank Corp decreased its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 81.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,092 shares of the electronics maker’s stock after selling 62,524 shares during the quarter. M&T Bank Corp’s holdings in Plug Power were worth $31,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Plug Power in the third quarter valued at approximately $2,174,000. Finally, Van ECK Associates Corp lifted its position in Plug Power by 37.0% during the second quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after buying an additional 923,579 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent research reports. Jefferies Financial Group cut their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Evercore ISI dropped their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Piper Sandler decreased their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, Craig Hallum cut their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Price Performance

PLUG stock opened at $2.56 on Friday. The business’s 50-day moving average is $2.17 and its two-hundred day moving average is $2.28. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a market capitalization of $2.33 billion, a P/E ratio of -1.20 and a beta of 1.76. Plug Power Inc. has a 1 year low of $1.60 and a 1 year high of $5.14.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period last year, the business earned ($0.47) EPS. The firm’s revenue was down 12.6% compared to the same quarter last year. Analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.