Zacks Investment Research lowered shares of Plug Power, Inc. (NASDAQ:PLUG) from a hold rating to a sell rating in a research note published on Tuesday.
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. “
Several other research firms have also recently weighed in on PLUG. BidaskClub cut Plug Power from a hold rating to a sell rating in a research report on Monday, July 31st. Rodman & Renshaw reissued a buy rating and set a $4.00 price target on shares of Plug Power in a research report on Monday, July 24th. Craig Hallum increased their price target on Plug Power from $3.00 to $4.00 and gave the company a buy rating in a research report on Friday, October 6th. B. Riley reissued a buy rating and set a $3.50 price target on shares of Plug Power in a research report on Thursday, November 9th. Finally, Cowen and Company set a $3.00 price target on Plug Power and gave the company a buy rating in a research report on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $3.03.
Plug Power (NASDAQ:PLUG) traded up $0.01 during mid-day trading on Tuesday, hitting $2.32. The stock had a trading volume of 2,960,024 shares, compared to its average volume of 7,385,502. The company has a quick ratio of 0.86, a current ratio of 1.29 and a debt-to-equity ratio of 0.62. Plug Power has a 52 week low of $0.83 and a 52 week high of $3.21.
Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $61.43 million during the quarter, compared to analysts’ expectations of $54.57 million. Plug Power had a negative return on equity of 83.93% and a negative net margin of 96.27%. Plug Power’s revenue for the quarter was up 249.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. equities research analysts anticipate that Plug Power will post -0.48 EPS for the current fiscal year.
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In other Plug Power news, Director George C. Mcnamee acquired 200,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were purchased at an average price 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 of the company’s stock, valued at $1,069,488.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. 4.90% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Plug Power by 30.6% in the second quarter. Vanguard Group Inc. now owns 10,432,461 shares of the electronics maker’s stock valued at $21,283,000 after buying an additional 2,444,005 shares during the period. State Street Corp raised its stake in Plug Power by 14.6% in the second quarter. State Street Corp now owns 3,742,566 shares of the electronics maker’s stock valued at $7,635,000 after buying an additional 477,438 shares during the period. Northern Trust Corp raised its stake in Plug Power by 39.5% in the second quarter. Northern Trust Corp now owns 2,828,390 shares of the electronics maker’s stock valued at $5,770,000 after buying an additional 800,320 shares during the period. Geode Capital Management LLC raised its stake 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 buying an additional 407,653 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake 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 buying an additional 448,639 shares during the period. Hedge funds and other institutional investors own 23.70% 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.
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