Bank of New York Mellon Corp Boosts Holdings in Plug Power Inc. (NASDAQ:PLUG)

Bank of New York Mellon Corp grew its position in Plug Power Inc. (NASDAQ:PLUG) by 8.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,452,369 shares of the electronics maker’s stock after acquiring an additional 183,438 shares during the quarter. Bank of New York Mellon Corp owned about 0.27% of Plug Power worth $5,224,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PLUG. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Plug Power by 0.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after acquiring an additional 5,485 shares during the last quarter. Compagnie Lombard Odier SCmA increased its stake in Plug Power by 12.8% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock worth $104,000 after purchasing an additional 5,550 shares during the period. Millburn Ridgefield Corp lifted its position in shares of Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. 49 Wealth Management LLC boosted its stake in shares of Plug Power by 40.6% during the third quarter. 49 Wealth Management LLC now owns 23,346 shares of the electronics maker’s stock valued at $53,000 after purchasing an additional 6,745 shares during the period. Finally, Amalgamated Bank grew its holdings in shares of Plug Power by 36.6% in the third quarter. Amalgamated Bank now owns 25,444 shares of the electronics maker’s stock worth $58,000 after purchasing an additional 6,822 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

PLUG stock opened at $1.70 on Tuesday. Plug Power Inc. has a one year low of $1.37 and a one year high of $4.90. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -0.79 and a beta of 1.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm has a 50-day simple moving average of $1.96 and a two-hundred day simple moving average of $2.08.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PLUG. Susquehanna decreased their price objective on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Wednesday, March 5th. B. Riley decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley dropped their price objective on Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research note on Thursday, March 6th. HC Wainwright decreased their target price on Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.34.

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.