Plug Power (NASDAQ:PLUG) Stock Rating Raised to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Plug Power (NASDAQ:PLUG) from a sell rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

PLUG has been the subject of several other reports. Susquehanna reduced their price target on Plug Power from $1.75 to $1.50 and set a “neutral” rating for the company in a research report on Wednesday. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $2.00 price objective on shares of Plug Power in a research report on Tuesday, November 10th. Weiss Ratings upgraded Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, October 21st. Jefferies Financial Group upgraded shares of Plug Power to a “hold” rating in a report on Thursday, September 3rd. Finally, KeyCorp set a $3.00 target price on shares of Plug Power in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.25.

Plug Power Trading Down 10.1%

PLUG stock traded down $0.12 during midday trading on Friday, reaching $1.11. The company’s stock had a trading volume of 48,498,760 shares, compared to its average volume of 53,903,476. Plug Power has a 1 year low of $1.10 and a 1 year high of $4.33. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -1.17 and a beta of 2.13. The stock has a fifty day simple moving average of $1.69 and a two-hundred day simple moving average of $2.34. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.32 and a current ratio of 2.21.

Insider Buying and Selling

In other news, insider Benjamin Haycraft sold 200,000 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $2.14, for a total transaction of $428,000.00. Following the sale, the insider owned 101,249 shares in the company, valued at approximately $216,672.86. The trade was a 66.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 241,935 shares of company stock valued at $509,397 in the last three months. Company insiders own 1.37% of the company’s stock.

Institutional Trading of Plug Power

A number of institutional investors have recently bought and sold shares of PLUG. AlphaGrep UK Ltd purchased a new position in shares of Plug Power in the third quarter worth $44,000. State Street Corp grew its holdings in shares of Plug Power by 0.5% during the third quarter. State Street Corp now owns 38,972,641 shares of the electronics maker’s stock valued at $75,607,000 after buying an additional 209,112 shares during the last quarter. Resona Asset Management Co. Ltd. grew its holdings in shares of Plug Power by 23.7% during the third quarter. Resona Asset Management Co. Ltd. now owns 46,227 shares of the electronics maker’s stock valued at $88,000 after buying an additional 8,855 shares during the last quarter. Advisors Asset Management Inc. acquired a new position in shares of Plug Power in the 3rd quarter valued at $49,000. Finally, Private Advisor Group LLC increased its position in shares of Plug Power by 13.7% in the 3rd quarter. Private Advisor Group LLC now owns 179,202 shares of the electronics maker’s stock valued at $348,000 after acquiring an additional 21,612 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Key Plug Power News

These are some of the PLUG news items that stood out recently:

• Positive Sentiment: A Seeking Alpha opinion piece argues that, despite a steep share-price decline, there are reasons not to sell and that the long-term opportunity remains relevant. This is an investment thesis, not a change in company fundamentals. Seeking Alpha article
• Neutral Sentiment: Royal Bank of Canada assigned Plug Power a Sector Perform rating, signaling a more measured outlook rather than a strong endorsement or bearish call. RBC rating report
• Negative Sentiment: A Seeking Alpha analyst downgraded the stock to Sell, citing increased risk of near-term dilution. The possibility of issuing shares could weigh on existing shareholders. Seeking Alpha downgrade

Plug Power Company Profile

Plug Power Inc. develops hydrogen fuel cell and hydrogen-generation solutions for businesses seeking alternatives to conventional power and fuel sources. Its offerings include fuel cell systems, electrolyzers that produce hydrogen, hydrogen storage and handling equipment, and related infrastructure and services. The company’s products are used in applications such as material-handling equipment, including warehouse forklifts, as well as stationary power and other industrial and mobility uses. Plug also supplies hydrogen and supports customers with installation, maintenance, and fueling solutions.