Amalgamated Bank Raises Holdings in Plug Power Inc. (NASDAQ:PLUG)

Amalgamated Bank lifted its holdings in Plug Power Inc. (NASDAQ:PLUG) by 36.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,444 shares of the electronics maker’s stock after buying an additional 6,822 shares during the quarter. Amalgamated Bank’s holdings in Plug Power were worth $58,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PLUG. United Advisor Group LLC purchased a new stake in Plug Power during the third quarter worth about $223,000. Catalyst Capital Advisors LLC boosted its stake in shares of Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Plug Power during the 3rd quarter worth approximately $204,000. Van ECK Associates Corp grew its holdings in shares of Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares during the period. Finally, PFG Investments LLC raised its holdings in Plug Power by 14.0% during the third quarter. PFG Investments LLC now owns 400,585 shares of the electronics maker’s stock worth $905,000 after purchasing an additional 49,059 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Stock Performance

NASDAQ:PLUG opened at $1.99 on Tuesday. Plug Power Inc. has a fifty-two week low of $1.60 and a fifty-two week high of $5.14. The firm’s 50 day moving average is $2.08 and its two-hundred day moving average is $2.40. The company has a market cap of $1.81 billion, a P/E ratio of -0.93 and a beta of 1.81. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $207.25 million. During the same period last year, the firm posted ($0.47) EPS. Plug Power’s revenue was down 12.6% on a year-over-year basis. Analysts expect that Plug Power Inc. will post -1.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PLUG. Canaccord Genuity Group dropped their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Wells Fargo & Company dropped their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. 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 issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.52.

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.