Zacks Investment Research downgraded shares of Plug Power (NASDAQ:PLUG) from a hold rating to a sell rating in a research note released on Friday, 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 equities research analysts have also recently commented on the company. B. Riley reiterated a buy rating and issued a $6.00 price target (up from $3.50) on shares of Plug Power in a research note on Monday, November 25th. HC Wainwright set a $4.00 price objective on Plug Power and gave the stock a buy rating in a research note on Wednesday, September 18th. Cowen set a $3.00 price objective on Plug Power and gave the stock a buy rating in a research note on Tuesday, September 17th. ValuEngine cut Plug Power from a buy rating to a hold rating in a research note on Tuesday, December 3rd. Finally, Roth Capital upgraded Plug Power from a neutral rating to a buy rating and raised their price objective for the stock from $3.00 to $6.00 in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $4.50.
Plug Power stock traded up $0.09 during midday trading on Friday, reaching $4.14. The company’s stock had a trading volume of 13,934,655 shares, compared to its average volume of 11,925,781. The stock’s 50-day simple moving average is $3.33 and its 200-day simple moving average is $2.71. Plug Power has a 52-week low of $1.31 and a 52-week high of $4.20. The stock has a market capitalization of $1.06 billion, a P/E ratio of -11.50 and a beta of 1.56.
Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, November 7th. The electronics maker reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). Plug Power had a negative net margin of 47.21% and a negative return on equity of 6,429.00%. The business had revenue of $56.38 million during the quarter, compared to analysts’ expectations of $55.58 million. During the same quarter last year, the business posted ($0.07) earnings per share. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities research analysts predict that Plug Power will post -0.35 earnings per share for the current year.
In other news, VP Gerard L. Conway, Jr. sold 100,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $3.50, for a total value of $350,000.00. Following the completion of the transaction, the vice president now directly owns 146,295 shares in the company, valued at $512,032.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.00% of the company’s stock.
Large investors have recently made changes to their positions in the company. Private Advisor Group LLC raised its stake in shares of Plug Power by 55.1% in the second quarter. Private Advisor Group LLC now owns 15,850 shares of the electronics maker’s stock worth $36,000 after purchasing an additional 5,633 shares during the last quarter. SG Americas Securities LLC grew its holdings in Plug Power by 35.6% during the third quarter. SG Americas Securities LLC now owns 17,101 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 4,494 shares during the period. Alpine Woods Capital Investors LLC grew its holdings in Plug Power by 100.0% during the third quarter. Alpine Woods Capital Investors LLC now owns 40,000 shares of the electronics maker’s stock worth $105,000 after acquiring an additional 20,000 shares during the period. Squarepoint Ops LLC grew its holdings in Plug Power by 99.0% during the third quarter. Squarepoint Ops LLC now owns 73,165 shares of the electronics maker’s stock worth $192,000 after acquiring an additional 36,405 shares during the period. Finally, Balyasny Asset Management LLC acquired a new stake in Plug Power during the second quarter worth about $504,000. Hedge funds and other institutional investors own 32.12% of the company’s stock.
Plug Power Company Profile
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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