Bank of New York Mellon Corp raised its stake in shares of Plug Power Inc. (NASDAQ:PLUG) by 6.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 671,990 shares of the company’s stock after buying an additional 43,385 shares during the period. Bank of New York Mellon Corp owned 0.37% of Plug Power worth $1,250,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of PLUG. Metropolitan Life Insurance Co. NY boosted its stake in Plug Power by 0.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 126,594 shares of the company’s stock valued at $260,000 after buying an additional 751 shares in the last quarter. Mount Lucas Management LP boosted its stake in Plug Power by 3.3% in the first quarter. Mount Lucas Management LP now owns 165,200 shares of the company’s stock valued at $339,000 after buying an additional 5,200 shares in the last quarter. Finally, Creative Planning boosted its stake in Plug Power by 35.4% in the second quarter. Creative Planning now owns 56,200 shares of the company’s stock valued at $105,000 after buying an additional 14,700 shares in the last quarter. Hedge funds and other institutional investors own 18.19% of the company’s stock.
Plug Power Inc. (NASDAQ:PLUG) traded down 0.5758% during midday trading on Thursday, hitting $1.6405. The stock had a trading volume of 560,005 shares. The stock’s 50-day moving average is $1.59 and its 200-day moving average is $1.79. Plug Power Inc. has a one year low of $1.30 and a one year high of $2.98. The company’s market cap is $295.83 million.
Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $20.50 million for the quarter, compared to analyst estimates of $25.32 million. Plug Power had a negative net margin of 57.17% and a negative return on equity of 30.92%. The firm’s revenue for the quarter was down 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) earnings per share. Equities analysts predict that Plug Power Inc. will post ($0.24) EPS for the current fiscal year.
A number of equities analysts have issued reports on PLUG shares. Zacks Investment Research raised Plug Power from a “sell” rating to a “hold” rating in a research note on Friday, July 29th. Roth Capital increased their price target on Plug Power from $1.75 to $2.00 and gave the company a “neutral” rating in a research note on Monday, August 15th. Finally, FBR & Co reaffirmed an “outperform” rating and set a $3.00 price target on shares of Plug Power in a research note on Wednesday, July 20th.
About Plug Power
Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.
Want to see what other hedge funds are holding PLUG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plug Power Inc. (NASDAQ:PLUG).
Receive News & Ratings for Plug Power Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power Inc. and related companies with MarketBeat.com's FREE daily email newsletter.