Plug Power Inc. (NASDAQ:PLUG) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in shares of Plug Power Inc. (NASDAQ:PLUG) by 8.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,452,369 shares of the electronics maker’s stock after buying an additional 183,438 shares during the quarter. Bank of New York Mellon Corp’s holdings in Plug Power were worth $5,224,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PLUG. Pacific Sage Partners LLC purchased a new stake in shares of Plug Power during the fourth quarter worth about $25,000. Millburn Ridgefield Corp boosted its stake in Plug Power by 79.9% in the 3rd 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 in the last quarter. First Commonwealth Financial Corp PA purchased a new stake in Plug Power during the 3rd quarter worth approximately $29,000. Abel Hall LLC acquired a new position in Plug Power during the 4th quarter valued at approximately $31,000. Finally, Savant Capital LLC purchased a new position in shares of Plug Power in the fourth quarter worth $31,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $1.70 on Tuesday. Plug Power Inc. has a 1 year low of $1.37 and a 1 year high of $4.90. 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 company’s fifty day moving average price is $1.96 and its 200 day moving average price is $2.08. The company has a market capitalization of $1.57 billion, a PE ratio of -0.79 and a beta of 1.98.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PLUG shares. BMO Capital Markets dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Truist Financial cut their price objective on Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. B. Riley decreased their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, Susquehanna cut their price target on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Wednesday, March 5th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.34.

Plug Power Profile

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.