Plug Power (NASDAQ:PLUG) Upgraded by Zacks Investment Research to “Hold”

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Zacks Investment Research upgraded shares of Plug Power (NASDAQ:PLUG) from a sell rating to a hold rating in a research report released on Wednesday morning, 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. “

A number of other research analysts have also recently commented on PLUG. B. Riley reaffirmed a buy rating and set a $3.50 price target on shares of Plug Power in a research report on Thursday, March 14th. ValuEngine raised Zumiez from a sell rating to a hold rating in a research report on Saturday, March 30th. Finally, BidaskClub cut Xperi from a sell rating to a strong sell rating in a research report on Wednesday, June 19th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $2.58.

Shares of NASDAQ:PLUG opened at $2.29 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.88 and a debt-to-equity ratio of 66.88. The company has a fifty day simple moving average of $2.41. Plug Power has a 1 year low of $0.99 and a 1 year high of $2.87.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Wednesday, May 8th. The electronics maker reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The business had revenue of $18.60 million during the quarter, compared to the consensus estimate of $32.17 million. Plug Power had a negative net margin of 53.11% and a negative return on equity of 802.38%. The firm’s revenue for the quarter was down 29.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) EPS. On average, equities analysts forecast that Plug Power will post -0.34 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV purchased a new position in shares of Plug Power during the 1st quarter valued at $25,000. FormulaFolio Investments LLC lifted its holdings in Plug Power by 52.8% during the 1st quarter. FormulaFolio Investments LLC now owns 16,200 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 5,600 shares in the last quarter. Amalgamated Bank lifted its holdings in Plug Power by 154.8% during the 4th quarter. Amalgamated Bank now owns 32,671 shares of the electronics maker’s stock worth $41,000 after purchasing an additional 19,851 shares in the last quarter. Legal & General Group Plc lifted its holdings in Plug Power by 27.4% during the 4th quarter. Legal & General Group Plc now owns 39,763 shares of the electronics maker’s stock worth $50,000 after purchasing an additional 8,556 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Plug Power during the 1st quarter worth about $55,000. 31.34% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power

Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization 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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