Zacks Investment Research downgraded shares of Plug Power (NASDAQ:PLUG) from a hold rating to a sell rating in a report released on Friday 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. “
Several other research analysts have also recently commented on the company. HC Wainwright reissued a buy rating and set a $4.00 target price on shares of Plug Power in a research note on Thursday. BidaskClub cut Plug Power from a sell rating to a strong sell rating in a research report on Saturday, December 15th. ValuEngine raised Plug Power from a hold rating to a buy rating in a research report on Friday, November 16th. Finally, Cowen set a $3.00 price objective on Plug Power and gave the stock a buy rating in a research report on Tuesday, October 16th. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. Plug Power has a consensus rating of Buy and an average price target of $3.18.
Shares of NASDAQ PLUG opened at $1.48 on Friday. Plug Power has a twelve month low of $0.99 and a twelve month high of $2.42. The company has a quick ratio of 0.60, a current ratio of 1.06 and a debt-to-equity ratio of 10.93. The firm has a market capitalization of $352.41 million, a PE ratio of -2.47 and a beta of 1.21.
Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Thursday, November 8th. The electronics maker reported ($0.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.01. Plug Power had a negative return on equity of 170.62% and a negative net margin of 52.31%. The business had revenue of $55.30 million during the quarter, compared to analysts’ expectations of $50.44 million. During the same period in the previous year, the firm posted ($0.06) earnings per share. The company’s revenue was down 10.0% on a year-over-year basis. As a group, research analysts anticipate that Plug Power will post -0.32 EPS for the current year.
Several large investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY boosted its position in shares of Plug Power by 183.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock worth $148,000 after acquiring an additional 47,559 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Plug Power during the 3rd quarter worth about $121,000. Alps Advisors Inc. boosted its position in shares of Plug Power by 387.8% during the 3rd quarter. Alps Advisors Inc. now owns 90,509 shares of the electronics maker’s stock worth $174,000 after acquiring an additional 71,955 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of 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 valued at $8,832,000 after purchasing an additional 100,000 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Plug Power by 0.8% in the 3rd quarter. BlackRock Inc. now owns 14,741,256 shares of the electronics maker’s stock valued at $28,301,000 after purchasing an additional 116,133 shares during the last quarter. 27.03% of the stock is owned by institutional investors and hedge funds.
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.
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