Zacks Investment Research lowered shares of Plug Power (NASDAQ:PLUG) from a buy rating to a hold rating in a research report report published on Wednesday morning.
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 brokerages also recently issued reports on PLUG. HC Wainwright set a $4.00 price target on Plug Power and gave the company a buy rating in a report on Tuesday, October 16th. B. Riley set a $4.00 price target on Plug Power and gave the company a buy rating in a report on Wednesday, August 22nd. ValuEngine downgraded Plug Power from a buy rating to a hold rating in a report on Tuesday, August 28th. BidaskClub downgraded Plug Power from a hold rating to a sell rating in a report on Thursday, August 23rd. Finally, CIBC began coverage on Plug Power in a report on Thursday, August 23rd. They set an outperform rating and a $2.50 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. Plug Power has a consensus rating of Buy and a consensus price target of $3.29.
Plug Power stock opened at $1.65 on Wednesday. The company has a debt-to-equity ratio of 10.93, a quick ratio of 0.60 and a current ratio of 1.06. Plug Power has a 12 month low of $1.53 and a 12 month high of $2.48. The firm has a market capitalization of $394.42 million, a price-to-earnings ratio of -2.80 and a beta of 1.18.
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 analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $55.30 million for 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 company’s quarterly revenue was down 10.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, research analysts predict that Plug Power will post -0.33 EPS for the current year.
In related news, Director Gregory B. Graves sold 31,343 shares of the company’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $1.73, for a total transaction of $54,223.39. Following the completion of the sale, the director now owns 43,296 shares in the company, valued at $74,902.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gerard L. Conway, Jr. sold 100,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 110,519 shares of the company’s stock, valued at approximately $205,565.34. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Plug Power by 1.9% during the third quarter. Vanguard Group Inc. now owns 10,460,068 shares of the electronics maker’s stock valued at $20,082,000 after acquiring an additional 194,903 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Plug Power during the third quarter valued at $121,000. BlackRock Inc. increased its position in Plug Power by 0.8% in the third quarter. BlackRock Inc. now owns 14,741,256 shares of the electronics maker’s stock worth $28,301,000 after buying an additional 116,133 shares in the last quarter. Alps Advisors Inc. increased its position in Plug Power by 387.8% in the third quarter. Alps Advisors Inc. now owns 90,509 shares of the electronics maker’s stock worth $174,000 after buying an additional 71,955 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position 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 in the last quarter. Institutional investors own 27.03% of the company’s stock.
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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