Amalgamated Bank Has $43,000 Stake in Plug Power Inc. (NASDAQ:PLUG)

Amalgamated Bank reduced its stake in Plug Power Inc. (NASDAQ:PLUG) by 37.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,622 shares of the electronics maker’s stock after selling 11,342 shares during the quarter. Amalgamated Bank’s holdings in Plug Power were worth $43,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Swedbank AB acquired a new position in shares of Plug Power during the first quarter worth about $10,687,000. SG Americas Securities LLC boosted its position in Plug Power by 134.0% during the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after acquiring an additional 1,407,858 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Plug Power during the 4th quarter worth approximately $5,133,000. Pinnacle Associates Ltd. raised its holdings in shares of Plug Power by 41.4% in the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after purchasing an additional 1,105,813 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Plug Power by 69.4% during the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after purchasing an additional 1,036,777 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Plug Power Stock Down 8.8 %

Shares of NASDAQ PLUG opened at $2.06 on Wednesday. The business’s fifty day moving average price is $2.08 and its 200-day moving average price is $2.61. Plug Power Inc. has a one year low of $1.60 and a one year high of $7.90. The stock has a market capitalization of $1.53 billion, a PE ratio of -0.86 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG) last posted 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 during the quarter, compared to analysts’ expectations of $184.54 million. During the same quarter in the previous year, the business earned ($0.35) EPS. Plug Power’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, equities research analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current 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.