Plug Power, Inc. (NASDAQ:PLUG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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 subject of a number of other reports. FBR & Co restated an “outperform” rating and issued a $3.50 price target (up from $3.00) on shares of Plug Power in a research note on Tuesday, July 25th. HC Wainwright set a $4.00 target price on Plug Power and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Craig Hallum lifted their target price on Plug Power from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, October 6th. BidaskClub downgraded Plug Power from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Cowen and Company reiterated a “buy” rating and set a $3.00 target price on shares of Plug Power in a research note on Tuesday, October 17th. Three analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Plug Power has an average rating of “Hold” and an average price target of $3.03.
Plug Power (PLUG) traded down $0.03 during mid-day trading on Tuesday, reaching $2.25. The company’s stock had a trading volume of 3,759,700 shares, compared to its average volume of 7,418,508. The company has a quick ratio of 0.86, a current ratio of 1.29 and a debt-to-equity ratio of 0.62. Plug Power has a 12-month low of $0.83 and a 12-month high of $3.21.
Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.04). The firm had revenue of $61.43 million during the quarter, compared to the consensus estimate of $54.57 million. Plug Power had a negative return on equity of 83.93% and a negative net margin of 96.27%. The business’s revenue was up 249.0% compared to the same quarter last year. During the same period last year, the company earned $0.07 earnings per share. research analysts predict that Plug Power will post -0.48 earnings per share for the current fiscal year.
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In related news, Director George C. Mcnamee acquired 200,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was purchased at an average cost of $2.20 per share, with a total value of $440,000.00. Following the acquisition, the director now directly owns 486,131 shares of the company’s stock, valued at $1,069,488.20. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Archford Capital Strategies LLC raised its holdings in shares of Plug Power by 20,422.2% during the 2nd quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock worth $115,000 after buying an additional 1,838 shares in the last quarter. Brighton Jones LLC acquired a new position in shares of Plug Power during the 2nd quarter worth $102,000. Adalta Capital Management LLC acquired a new position in shares of Plug Power during the 2nd quarter worth $106,000. Creative Planning raised its holdings in shares of Plug Power by 41.5% during the 2nd quarter. Creative Planning now owns 70,472 shares of the electronics maker’s stock worth $144,000 after buying an additional 20,673 shares in the last quarter. Finally, Virtu KCG Holdings LLC raised its holdings in shares of Plug Power by 126.4% during the 2nd quarter. Virtu KCG Holdings LLC now owns 92,497 shares of the electronics maker’s stock worth $189,000 after buying an additional 51,638 shares in the last quarter. 23.70% of the stock is owned by hedge funds and other institutional investors.
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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