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

Bank of New York Mellon Corp grew its position in shares of Plug Power Inc. (NASDAQ:PLUG - Free Report) by 8.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,452,369 shares of the electronics maker's stock after purchasing an additional 183,438 shares during the period. Bank of New York Mellon Corp owned approximately 0.27% of Plug Power worth $5,224,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Pacific Sage Partners LLC bought a new stake in shares of Plug Power in the 4th quarter worth about $25,000. Millburn Ridgefield Corp lifted its stake in Plug Power by 79.9% in 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. First Commonwealth Financial Corp PA purchased a new position in shares of Plug Power during the third quarter valued at approximately $29,000. Abel Hall LLC purchased a new stake in shares of Plug Power in the fourth quarter worth approximately $31,000. Finally, Savant Capital LLC bought a new stake in shares of Plug Power during the 4th quarter worth approximately $31,000. Institutional investors own 43.48% of the company's stock.

Plug Power Stock Down 3.5 %

Shares of Plug Power stock traded down $0.06 during trading on Friday, hitting $1.54. 46,949,664 shares of the stock were exchanged, compared to its average volume of 47,606,459. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -0.72 and a beta of 1.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm's 50-day moving average price is $1.89 and its 200 day moving average price is $2.07. Plug Power Inc. has a 12-month low of $1.37 and a 12-month high of $4.90.

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Analysts Set New Price Targets

PLUG has been the topic of a number of recent analyst reports. Seaport Res Ptn lowered Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. UBS Group decreased their price objective on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a report on Friday. Truist Financial dropped their target price on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley decreased their price target on shares of Plug Power from $1.75 to $1.60 and set an "underweight" rating for the company in a research note on Thursday, March 6th. Finally, BMO Capital Markets dropped their price objective on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Plug Power has a consensus rating of "Hold" and a consensus target price of $2.31.

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.