Plug Power (PLUG) Downgraded by ValuEngine

ValuEngine cut shares of Plug Power (NASDAQ:PLUG) from a buy rating to a hold rating in a research report released on Thursday.

Several other equities analysts have also commented on PLUG. BidaskClub upgraded shares of Plug Power from a hold rating to a buy rating in a research report on Saturday, July 14th. Zacks Investment Research lowered shares of Plug Power from a hold rating to a sell rating in a research report on Wednesday, July 18th. HC Wainwright set a $4.00 price objective on shares of Plug Power and gave the company a buy rating in a research report on Friday, August 10th. B. Riley set a $4.00 price objective on shares of Plug Power and gave the company a buy rating in a research report on Friday, August 10th. Finally, Oppenheimer initiated coverage on shares of Plug Power in a research report on Thursday, August 23rd. They set an outperform rating and a $2.50 price objective for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Plug Power presently has an average rating of Buy and an average price target of $3.29.

PLUG stock traded up $0.01 during trading on Thursday, hitting $1.90. 1,074,800 shares of the company’s stock traded hands, compared to its average volume of 3,195,027. Plug Power has a 52 week low of $1.53 and a 52 week high of $3.21. The company has a quick ratio of 0.69, a current ratio of 1.07 and a debt-to-equity ratio of 4.16. The firm has a market capitalization of $395.22 million, a P/E ratio of -3.17 and a beta of 1.08.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, August 9th. The electronics maker reported ($0.12) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.03). Plug Power had a negative net margin of 66.16% and a negative return on equity of 108.78%. The business had revenue of $39.93 million for the quarter, compared to the consensus estimate of $40.52 million. During the same quarter last year, the business earned ($0.10) EPS. Plug Power’s revenue for the quarter was up 76.7% compared to the same quarter last year. As a group, analysts anticipate that Plug Power will post -0.35 EPS for the current year.

In related news, Director Gregory B. Graves sold 31,343 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $1.73, for a total value of $54,223.39. Following the transaction, the director now owns 43,296 shares of the company’s stock, valued at approximately $74,902.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Gerard L. Conway, Jr. sold 100,000 shares of the firm’s stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $1.86, for a total transaction of $186,000.00. Following the completion of the transaction, the insider now directly owns 110,519 shares in the company, valued at approximately $205,565.34. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Plug Power by 0.9% in the 2nd quarter. BlackRock Inc. now owns 14,625,123 shares of the electronics maker’s stock worth $29,543,000 after buying an additional 125,482 shares during the period. Odey Asset Management Group Ltd increased its stake in Plug Power by 90.3% in the 2nd quarter. Odey Asset Management Group Ltd now owns 4,910,000 shares of the electronics maker’s stock worth $9,918,000 after buying an additional 2,330,000 shares during the period. State of New Jersey Common Pension Fund D increased its stake in Plug Power by 2.2% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 4,600,000 shares of the electronics maker’s stock worth $8,832,000 after buying an additional 100,000 shares during the period. Northern Trust Corp increased its stake in Plug Power by 1.3% in the 1st quarter. Northern Trust Corp now owns 2,649,873 shares of the electronics maker’s stock worth $5,008,000 after buying an additional 33,445 shares during the period. Finally, Nomura Holdings Inc. increased its stake in Plug Power by 67.2% in the 2nd quarter. Nomura Holdings Inc. now owns 369,608 shares of the electronics maker’s stock worth $747,000 after buying an additional 148,511 shares during the period. 30.49% of the stock is currently owned by institutional investors.

Plug Power Company Profile

Plug Power Inc, an alternative energy technology provider, engages in the design, development, commercialization, and manufacture of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.

See Also: Book Value Per Share – BVPS

To view ValuEngine’s full report, visit ValuEngine’s official website.

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