Zacks Investment Research downgraded shares of Plug Power, Inc. (NASDAQ:PLUG) from a buy rating to a hold rating in a research report released on Saturday.

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 analysts have also recently issued reports on PLUG. Cowen and Company set a $3.00 target price on shares of Plug Power and gave the stock a buy rating in a research report on Thursday, August 10th. HC Wainwright set a $4.00 target price on shares of Plug Power and gave the stock a buy rating in a research report on Wednesday, August 9th. BidaskClub upgraded shares of Plug Power from a sell rating to a hold rating in a research report on Tuesday, July 25th. Rodman & Renshaw restated a buy rating and set a $4.00 target price on shares of Plug Power in a research report on Monday, July 24th. Finally, FBR & Co restated an outperform rating and set a $3.00 target price on shares of Plug Power in a research report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $2.83.

Shares of Plug Power (PLUG) opened at 2.09 on Friday. Plug Power has a 52 week low of $0.83 and a 52 week high of $2.70. The stock’s market cap is $469.69 million. The company’s 50-day moving average is $2.16 and its 200 day moving average is $1.80.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.03. The business had revenue of $22.60 million for the quarter, compared to analyst estimates of $28.58 million. Plug Power had a negative return on equity of 86.35% and a negative net margin of 112.95%. The business’s revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) EPS. Analysts forecast that Plug Power will post ($0.34) earnings per share for the current fiscal year.

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Several institutional investors have recently bought and sold shares of PLUG. Nationwide Fund Advisors raised its position in Plug Power by 4.6% in the first quarter. Nationwide Fund Advisors now owns 117,225 shares of the electronics maker’s stock worth $162,000 after buying an additional 5,127 shares in the last quarter. Teachers Advisors LLC raised its position in Plug Power by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 385,028 shares of the electronics maker’s stock worth $462,000 after buying an additional 6,680 shares in the last quarter. Aperio Group LLC raised its position in Plug Power by 6.4% in the second quarter. Aperio Group LLC now owns 119,061 shares of the electronics maker’s stock worth $243,000 after buying an additional 7,166 shares in the last quarter. American International Group Inc. raised its position in Plug Power by 7.5% in the first quarter. American International Group Inc. now owns 111,649 shares of the electronics maker’s stock worth $154,000 after buying an additional 7,773 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in Plug Power by 5.1% in the second quarter. California State Teachers Retirement System now owns 395,969 shares of the electronics maker’s stock worth $808,000 after buying an additional 19,300 shares in the last quarter. 17.86% of the stock is owned by institutional investors and hedge funds.

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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