Bank of New York Mellon Corp Has $5.90 Million Stake in Plug Power Inc. (NASDAQ:PLUG)

Bank of New York Mellon Corp increased its position in shares of Plug Power Inc. (NASDAQ:PLUG) by 69.4% during the 2nd quarter, Holdings Channel reports. The fund owned 2,530,346 shares of the electronics maker’s stock after buying an additional 1,036,777 shares during the quarter. Bank of New York Mellon Corp’s holdings in Plug Power were worth $5,896,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PLUG. Madison Park Capital Advisors LLC bought a new position in Plug Power during the second quarter worth about $29,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Plug Power by 32.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 192,502 shares of the electronics maker’s stock valued at $449,000 after buying an additional 46,632 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Plug Power by 1,355.5% in the second quarter. Nisa Investment Advisors LLC now owns 96,643 shares of the electronics maker’s stock valued at $225,000 after buying an additional 90,003 shares in the last quarter. SteelPeak Wealth LLC acquired a new position in Plug Power during the second quarter worth $26,000. Finally, Baader Bank Aktiengesellschaft raised its position in Plug Power by 1,079.4% during the second quarter. Baader Bank Aktiengesellschaft now owns 117,935 shares of the electronics maker’s stock worth $275,000 after acquiring an additional 107,935 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Stock Performance

Shares of Plug Power stock opened at $1.94 on Friday. The company has a 50 day moving average of $2.27 and a 200-day moving average of $2.76. The company has a market cap of $1.44 billion, a PE ratio of -0.81 and a beta of 1.79. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. Plug Power Inc. has a 1-year low of $1.60 and a 1-year high of $8.80.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. During the same quarter in the previous year, the company earned ($0.35) earnings per share. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, equities research analysts forecast that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Susquehanna dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Canaccord Genuity Group dropped their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Craig Hallum reduced their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. B. Riley upgraded Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Truist Financial cut their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus price target of $5.19.

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.