Amalgamated Bank Increases Position in Plug Power Inc. (NASDAQ:PLUG)

Amalgamated Bank grew its position in shares of Plug Power Inc. (NASDAQ:PLUG) by 36.6% during the third quarter, HoldingsChannel reports. 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 filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Empowered Funds LLC bought a new position in Plug Power during the 1st quarter valued at $48,000. Swiss National Bank lifted its position in Plug Power by 0.8% during the 1st quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock worth $3,701,000 after acquiring an additional 8,300 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Plug Power by 5.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after buying an additional 33,311 shares during the last quarter. Vanguard Group Inc. grew its position in Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Plug Power by 22.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,545,042 shares of the electronics maker’s stock valued at $5,315,000 after purchasing an additional 286,390 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Trading Up 6.4 %

NASDAQ:PLUG opened at $1.99 on Tuesday. Plug Power Inc. has a 1-year low of $1.60 and a 1-year high of $5.14. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -0.93 and a beta of 1.81. The business’s 50-day moving average price is $2.08 and its two-hundred day moving average price is $2.40.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm’s revenue was down 12.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.47) EPS. On average, equities analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PLUG shares. Truist Financial dropped their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Susquehanna dropped their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Wells Fargo & Company reduced their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Piper Sandler dropped their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Finally, Evercore ISI cut their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Company 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.