Zacks Investment Research cut shares of Plug Power, Inc. (NASDAQ:PLUG) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday, July 12th.
According to Zacks, “Plug Power Inc. is a leading provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used primarily for the material handling and stationary power market. They are focused on proton exchange membrane, or PEM, fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and associated hydrogen storage and dispensing infrastructure from which multiple products are available. They sell and continue to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of North America’s largest distribution and manufacturing businesses. Their current product line includes: GenDrive, GenFuel, GenCare, ReliOn, and GenKey. “
A number of other brokerages have also commented on PLUG. FBR & Co restated an outperform rating and set a $3.00 price objective on shares of Plug Power in a research report on Tuesday, April 18th. Rodman & Renshaw raised their price target on Plug Power from $3.00 to $4.00 and gave the stock a buy rating in a research note on Thursday, April 6th. HC Wainwright set a $4.00 price target on Plug Power and gave the stock a buy rating in a research note on Thursday, April 6th. Cowen and Company set a $3.00 price target on Plug Power and gave the stock a buy rating in a research note on Thursday, April 6th. Finally, ValuEngine raised Plug Power from a sell rating to a hold rating in a research note on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $2.83.
Plug Power (NASDAQ:PLUG) traded down 8.82% on Wednesday, reaching $2.17. 10,957,088 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $2.17 and its 200 day moving average is $1.74. The stock’s market capitalization is $484.89 million. Plug Power has a 1-year low of $0.83 and a 1-year high of $2.70.
Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.03. Plug Power had a negative return on equity of 68.47% and a negative net margin of 81.41%. The business had revenue of $22.60 million for the quarter, compared to analyst estimates of $28.58 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. The company’s revenue was up 10.5% compared to the same quarter last year. Analysts expect that Plug Power will post ($0.24) EPS for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of PLUG. Brighton Jones LLC bought a new position in shares of Plug Power during the second quarter worth $102,000. Private Advisor Group LLC increased its position in shares of Plug Power by 160.9% in the first quarter. Private Advisor Group LLC now owns 51,318 shares of the electronics maker’s stock worth $115,000 after buying an additional 31,646 shares during the last quarter. Creative Planning increased its position in shares of Plug Power by 41.5% in the second quarter. Creative Planning now owns 70,472 shares of the electronics maker’s stock worth $144,000 after buying an additional 20,673 shares during the last quarter. American International Group Inc. increased its position in shares of Plug Power by 7.5% in the first quarter. American International Group Inc. now owns 111,649 shares of the electronics maker’s stock worth $154,000 after buying an additional 7,773 shares during the last quarter. Finally, Karp Capital Management Corp bought a new position in shares of Plug Power during the first quarter worth $154,000. 17.54% of the stock is currently owned by institutional investors and hedge funds.
Plug Power Company Profile
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.
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