Zacks Investment Research upgraded shares of Plug Power, Inc. (NASDAQ:PLUG) from a sell rating to a hold rating in a research note issued to investors on Tuesday, October 17th.
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. “
PLUG has been the topic of several other reports. FBR & Co restated an outperform rating and set a $3.50 price objective (up from $3.00) on shares of Plug Power in a research report on Tuesday, July 25th. HC Wainwright set a $4.00 price target on shares of Plug Power and gave the company a buy rating in a report on Wednesday, August 9th. Cowen and Company reaffirmed a buy rating and issued a $3.00 price objective on shares of Plug Power in a research report on Sunday, September 17th. Roth Capital reaffirmed a sell rating and issued a $1.30 price objective on shares of Plug Power in a research report on Sunday, July 23rd. Finally, ValuEngine raised shares of Plug Power from a sell rating to a hold rating in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $2.98.
Shares of Plug Power (NASDAQ PLUG) traded up $0.23 during trading hours on Tuesday, hitting $3.10. 6,694,227 shares of the stock traded hands, compared to its average volume of 4,983,011. Plug Power has a 52-week low of $0.83 and a 52-week high of $3.07. The company has a quick ratio of 0.68, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.
Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results 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). The firm had revenue of $22.60 million for the quarter, compared to analysts’ expectations of $28.58 million. Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) EPS. equities analysts anticipate that Plug Power will post -0.36 earnings per share for the current year.
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In related 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 price of $2.20 per share, with a total value of $440,000.00. Following the completion of the purchase, the director now directly owns 486,131 shares in the company, valued at approximately $1,069,488.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.90% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank lifted its position in shares of Plug Power by 15.3% during the second quarter. Swiss National Bank now owns 325,200 shares of the electronics maker’s stock worth $663,000 after purchasing an additional 43,100 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Plug Power by 58.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock valued at $2,484,000 after acquiring an additional 448,639 shares in the last quarter. Brighton Jones LLC acquired a new stake in Plug Power in the second quarter valued at approximately $102,000. Geode Capital Management LLC raised its holdings in Plug Power by 30.4% in the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock valued at $2,415,000 after acquiring an additional 407,653 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Plug Power by 44.2% during the second quarter. First Trust Advisors LP now owns 232,094 shares of the electronics maker’s stock worth $473,000 after purchasing an additional 71,126 shares in the last quarter. 23.68% 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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