Bank of New York Mellon Corp Sells 94,525 Shares of Plug Power Inc. (NASDAQ:PLUG)

Posted by Defense World Staff on Aug 24th, 2023

Bank of New York Mellon Corp decreased its position in shares of Plug Power Inc. (NASDAQ:PLUG – Free Report) by 2.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,419,130 shares of the electronics maker’s stock after selling 94,525 shares during the period. Bank of New York Mellon Corp owned approximately 0.57% of Plug Power worth $40,072,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of PLUG. Norges Bank bought a new position in Plug Power during the fourth quarter valued at $211,176,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Plug Power by 69.1% during the fourth quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 17,213,803 shares of the electronics maker’s stock valued at $212,935,000 after acquiring an additional 7,035,344 shares during the last quarter. Schroder Investment Management Group increased its position in Plug Power by 244.3% during the fourth quarter. Schroder Investment Management Group now owns 4,922,841 shares of the electronics maker’s stock valued at $60,896,000 after acquiring an additional 3,493,122 shares during the last quarter. Robeco Schweiz AG increased its position in Plug Power by 73.9% during the fourth quarter. Robeco Schweiz AG now owns 4,329,600 shares of the electronics maker’s stock valued at $53,557,000 after acquiring an additional 1,839,600 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Plug Power by 40.3% during the fourth quarter. First Trust Advisors LP now owns 4,647,826 shares of the electronics maker’s stock valued at $57,485,000 after acquiring an additional 1,336,202 shares during the last quarter. Institutional investors own 49.75% of the company’s stock.

Plug Power Stock Performance

PLUG opened at $8.20 on Thursday. Plug Power Inc. has a 52-week low of $7.39 and a 52-week high of $31.56. The company has a quick ratio of 2.07, a current ratio of 3.16 and a debt-to-equity ratio of 0.14. The company has a market cap of $4.94 billion, a P/E ratio of -5.73 and a beta of 1.83. The firm’s 50-day moving average price is $10.67 and its 200-day moving average price is $10.82.

Plug Power (NASDAQ:PLUG – Get Free Report) last posted its quarterly earnings data on Wednesday, August 9th. The electronics maker reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.07). Plug Power had a negative net margin of 95.15% and a negative return on equity of 20.27%. The company had revenue of $260.18 million for the quarter, compared to analyst estimates of $237.38 million. As a group, equities analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Roth Capital lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, August 10th. Citigroup assumed coverage on shares of Plug Power in a research note on Wednesday, July 5th. They set a “buy” rating and a $13.00 target price for the company. BMO Capital Markets lowered their target price on shares of Plug Power from $11.00 to $10.25 and set a “market perform” rating for the company in a research note on Thursday, August 10th. B. Riley lowered their target price on shares of Plug Power from $26.00 to $18.00 in a research note on Tuesday, June 27th. Finally, Seaport Res Ptn reissued a “buy” rating on shares of Plug Power in a research note on Tuesday, June 6th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.63.

Check Out Our Latest Stock Analysis on PLUG

Plug Power Profile

(Free Report)

Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.