Plug Power (NASDAQ:PLUG) Downgraded to “Hold” at Zacks Investment Research

Plug Power (NASDAQ:PLUG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Saturday, Zacks.com reports.

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 analysts have also recently commented on PLUG. Cowen raised their price target on Plug Power from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, November 10th. Sumitomo Mitsui Financial Group assumed coverage on Plug Power in a report on Thursday, November 4th. They issued an “outperform” rating and a $50.00 price target for the company. Royal Bank of Canada raised their price target on Plug Power from $40.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, November 10th. Barclays raised Plug Power from an “underweight” rating to an “equal weight” rating and set a $27.00 price target for the company in a report on Friday, October 8th. Finally, TheStreet downgraded Plug Power from a “c-” rating to a “d+” rating in a research note on Thursday, December 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $43.28.

Plug Power stock opened at $23.44 on Friday. Plug Power has a twelve month low of $18.47 and a twelve month high of $75.49. The stock has a 50 day moving average of $33.80 and a two-hundred day moving average of $30.44. The company has a current ratio of 17.74, a quick ratio of 16.89 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $13.51 billion, a price-to-earnings ratio of -14.56 and a beta of 1.45.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 9th. The electronics maker reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.10). The business had revenue of $143.92 million during the quarter, compared to the consensus estimate of $142.87 million. During the same period last year, the firm earned ($0.11) earnings per share. Equities analysts predict that Plug Power will post -0.6 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. Worldquant Millennium Advisors LLC lifted its stake in shares of Plug Power by 734.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 330,211 shares of the electronics maker’s stock worth $11,290,000 after purchasing an additional 290,632 shares in the last quarter. APG Asset Management N.V. increased its position in shares of Plug Power by 3.4% during the second quarter. APG Asset Management N.V. now owns 1,386,398 shares of the electronics maker’s stock worth $39,970,000 after acquiring an additional 45,700 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Plug Power by 49.5% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 78,965 shares of the electronics maker’s stock worth $2,017,000 after acquiring an additional 26,160 shares during the last quarter. Toroso Investments LLC increased its position in shares of Plug Power by 68.9% during the second quarter. Toroso Investments LLC now owns 127,693 shares of the electronics maker’s stock worth $4,366,000 after acquiring an additional 52,096 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in shares of Plug Power by 1.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 306,630 shares of the electronics maker’s stock worth $7,831,000 after acquiring an additional 5,202 shares during the last quarter. Institutional investors own 49.21% of the company’s stock.

Plug Power Company Profile

Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.

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