Plug Power (NASDAQ:PLUG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $2.00 target price on the electronics maker’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 18.34% from the stock’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. “
A number of other equities analysts also recently issued reports on PLUG. ValuEngine downgraded Plug Power from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. HC Wainwright set a $4.00 price target on Plug Power and gave the company a “buy” rating in a report on Friday, August 10th. B. Riley set a $4.00 price target on Plug Power and gave the company a “buy” rating in a report on Friday, August 10th. Oppenheimer assumed coverage on Plug Power in a report on Thursday, August 23rd. They issued an “outperform” rating and a $2.50 price target for the company. Finally, BidaskClub raised Plug Power from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $3.29.
Shares of PLUG opened at $1.69 on Tuesday. The company has a debt-to-equity ratio of 10.93, a current ratio of 1.06 and a quick ratio of 0.60. The company has a market capitalization of $408.43 million, a P/E ratio of -2.82 and a beta of 1.18. Plug Power has a 52-week low of $1.53 and a 52-week high of $2.48.
Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, November 8th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.01. The firm had revenue of $55.30 million during the quarter, compared to the consensus estimate of $50.44 million. Plug Power had a negative return on equity of 170.62% and a negative net margin of 52.31%. The firm’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, sell-side analysts predict that Plug Power will post -0.33 EPS for the current fiscal year.
In other news, Director Gregory B. Graves sold 31,343 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $1.73, for a total value of $54,223.39. Following the completion of the sale, the director now directly owns 43,296 shares of the company’s stock, valued at $74,902.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gerard L. Conway, Jr. sold 100,000 shares of the stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $1.86, for a total value of $186,000.00. Following the completion of the sale, the insider now directly owns 110,519 shares of the company’s stock, valued at $205,565.34. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Plug Power by 183.4% in the second quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock valued at $148,000 after acquiring an additional 47,559 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Plug Power during the third quarter worth $121,000. Alps Advisors Inc. lifted its holdings in shares of Plug Power by 387.8% during the third quarter. Alps Advisors Inc. now owns 90,509 shares of the electronics maker’s stock worth $174,000 after purchasing an additional 71,955 shares during the period. UBS Group AG lifted its holdings in shares of Plug Power by 122.6% during the first quarter. UBS Group AG now owns 150,221 shares of the electronics maker’s stock worth $284,000 after purchasing an additional 82,741 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Plug Power by 2.2% during the third 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 purchasing an additional 100,000 shares during the period. 27.03% of the stock is owned by institutional investors and hedge funds.
About Plug Power
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.
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