Cowen and Company Reaffirms “Buy” Rating for Plug Power, Inc. (PLUG)

Cowen and Company reissued their buy rating on shares of Plug Power, Inc. (NASDAQ:PLUG) in a research report report published on Sunday morning. Cowen and Company currently has a $3.00 target price on the electronics maker’s stock.

A number of other equities analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of Plug Power from a strong sell rating to a hold rating in a research note on Wednesday, July 19th. Roth Capital reiterated a sell rating and set a $1.30 price objective on shares of Plug Power in a research note on Sunday, July 23rd. ValuEngine upgraded shares of Plug Power from a sell rating to a hold rating in a research note on Friday, July 7th. FBR & Co reiterated an outperform rating and set a $3.50 price objective (up from $3.00) on shares of Plug Power in a research note on Tuesday, July 25th. Finally, HC Wainwright reiterated a buy rating and set a $4.00 price objective on shares of Plug Power in a research note on Monday, July 24th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $2.83.

Plug Power (NASDAQ PLUG) opened at 2.74 on Friday. Plug Power has a 12-month low of $0.83 and a 12-month high of $2.75. The stock’s 50 day moving average is $2.18 and its 200 day moving average is $2.00. The stock’s market capitalization is $615.76 million.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, August 8th. The electronics maker reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The business had revenue of $22.60 million for the quarter, compared to the consensus estimate of $28.58 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. Plug Power’s revenue for the quarter was up 10.5% on a year-over-year basis. Equities analysts predict that Plug Power will post ($0.32) earnings per share for the current fiscal year.

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In other news, Director George C. Mcnamee bought 200,000 shares of the stock in a transaction on Friday, September 15th. The stock was bought at an average cost of $2.20 per share, for a total transaction of $440,000.00. Following the completion of the purchase, the director now directly owns 486,131 shares in the company, valued at $1,069,488.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.30% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PLUG. Brighton Jones LLC acquired a new stake in Plug Power in the second quarter valued at approximately $102,000. Adalta Capital Management LLC acquired a new stake in Plug Power in the second quarter valued at approximately $106,000. Private Advisor Group LLC boosted its stake in Plug Power by 160.9% in the first quarter. Private Advisor Group LLC now owns 51,318 shares of the electronics maker’s stock valued at $115,000 after acquiring an additional 31,646 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in Plug Power by 20,422.2% in the second quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock valued at $115,000 after acquiring an additional 1,838 shares in the last quarter. Finally, Creative Planning boosted its stake in Plug Power by 41.5% in the second quarter. Creative Planning now owns 70,472 shares of the electronics maker’s stock valued at $144,000 after acquiring an additional 20,673 shares in the last quarter. Institutional investors own 23.49% of the company’s stock.

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.

Analyst Recommendations for Plug Power (NASDAQ:PLUG)

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