Plug Power (PLUG) Receives Buy Rating from HC Wainwright
Plug Power (NASDAQ:PLUG)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a report issued on Thursday. They presently have a $4.00 price objective on the electronics maker’s stock. HC Wainwright’s price objective indicates a potential upside of 70.94% from the stock’s previous close.
The analysts wrote, “Investor Day Notes; Management Upbeat and Confident Going into 2018; Affirm Buy Continuing coverage under the name H.C. Wainwright & Co. with a Buy rating. Effective November 9, 2017, research in the above titled name will now be published under H.C. Wainwright & Co. and no longer distributed in conjunction with ‘Rodman & Renshaw, a unit of H.C. Wainwright’. Investor day and site visit. On December 6, 2017 we attended PLUG’s investor day; the company also provided a site visit of its Latham, NY, facilities to investors. In addition to the company’s CEO and CFO, some other top executives including sales, operations, and hydrogen system group heads made presentations during the event. Key takeaways. During 2017, the company has been successful in securing business from Walmart (WMT; not rated) and Amazon (AMZN; not rated); revenue from Amazon alone is expected to be $600M over four years.””
A number of other research analysts have also weighed in on PLUG. B. Riley reissued a “buy” rating on shares of Plug Power in a research note on Wednesday, November 1st. Cowen set a $3.00 target price on shares of Plug Power and gave the stock a “buy” rating in a research note on Thursday, August 10th. Canaccord Genuity began coverage on shares of Plug Power in a research note on Friday, December 1st. They issued a “buy” rating and a $5.00 target price on the stock. Zacks Investment Research lowered shares of Plug Power from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, ValuEngine lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Monday. Four investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $3.23.
Plug Power (NASDAQ:PLUG) last issued 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 for the quarter, compared to analyst estimates of $54.57 million. Plug Power had a negative net margin of 96.27% and a negative return on equity of 83.93%. Plug Power’s quarterly revenue was up 249.0% compared to the same quarter last year. During the same period last year, the company posted $0.07 EPS. analysts forecast that Plug Power will post -0.51 EPS for the current year.
In other news, Director George C. Mcnamee purchased 200,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was acquired at an average price of $2.20 per share, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.90% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PLUG. Vanguard Group Inc. increased its holdings in shares of Plug Power by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 7,988,456 shares of the electronics maker’s stock worth $11,024,000 after buying an additional 738,875 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Plug Power by 30.4% during the 1st quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock worth $2,415,000 after buying an additional 407,653 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Plug Power by 51.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 768,662 shares of the electronics maker’s stock worth $1,061,000 after buying an additional 262,147 shares during the last quarter. Creative Planning increased 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 during the last quarter. Finally, Aperio Group LLC increased its holdings in shares of Plug Power by 6.4% during the 2nd 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 during the last quarter. Institutional investors and hedge funds own 24.43% of the company’s stock.
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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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