Plug Power (PLUG) Upgraded at Zacks Investment Research

Plug Power (NASDAQ:PLUG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, January 18th. The firm presently has a $2.50 price target on the electronics maker’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 43.68% from the company’s current price.

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. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Plug Power in a report on Thursday, December 7th. B. Riley reiterated a “buy” rating on shares of Plug Power in a research report on Wednesday, November 1st. FBR & Co reiterated a “buy” rating on shares of Plug Power in a research report on Tuesday, October 31st. Cowen restated a “buy” rating and set a $3.00 price target on shares of Plug Power in a research report on Tuesday, October 17th. Finally, ValuEngine downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Monday, December 4th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $3.28.

Shares of Plug Power (NASDAQ:PLUG) opened at $1.74 on Thursday. Plug Power has a 1-year low of $0.92 and a 1-year high of $3.21. The company has a current ratio of 1.29, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62. The firm has a market cap of $398.68, a price-to-earnings ratio of -2.86 and a beta of 1.52.

Several large investors have recently bought and sold shares of PLUG. Vanguard Group Inc. boosted its position in shares of Plug Power by 30.6% during the 2nd quarter. Vanguard Group Inc. now owns 10,432,461 shares of the electronics maker’s stock worth $21,283,000 after purchasing an additional 2,444,005 shares during the period. Northern Trust Corp boosted its position in shares of Plug Power by 39.5% during the 2nd quarter. Northern Trust Corp now owns 2,828,390 shares of the electronics maker’s stock worth $5,770,000 after purchasing an additional 800,320 shares during the period. State Street Corp boosted its position in shares of Plug Power by 14.6% during the 2nd quarter. State Street Corp now owns 3,742,566 shares of the electronics maker’s stock worth $7,635,000 after purchasing an additional 477,438 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Plug Power by 58.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock worth $2,484,000 after purchasing an additional 448,639 shares during the period. Finally, NJ State Employees Deferred Compensation Plan acquired a new stake in Plug Power during the 3rd quarter worth approximately $783,000. 24.43% of the stock is owned by hedge funds and other institutional investors.

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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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