Plug Power (PLUG) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Plug Power (NASDAQ:PLUG) from a hold rating to a buy rating in a report released on Thursday morning. They currently have $2.50 price objective on the electronics maker’s stock.
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 equities analysts have also recently issued reports on the company. BidaskClub cut Plug Power from a sell rating to a strong sell rating in a report on Wednesday, January 10th. B. Riley reaffirmed a buy rating and issued a $3.50 price target on shares of Plug Power in a report on Thursday, December 7th. HC Wainwright reaffirmed a buy rating and issued a $4.00 price target on shares of Plug Power in a report on Thursday, December 7th. ValuEngine cut Plug Power from a hold rating to a sell rating in a report on Monday, December 4th. Finally, Canaccord Genuity started coverage on Plug Power in a report on Friday, December 1st. They issued a buy rating and a $5.00 price target for the company. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. Plug Power presently has an average rating of Hold and a consensus price target of $3.23.
Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). The business had revenue of $61.43 million during the quarter, compared to analysts’ expectations of $54.57 million. Plug Power had a negative return on equity of 83.93% and a negative net margin of 96.27%. The company’s revenue for the quarter was up 249.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. research analysts forecast that Plug Power will post -0.51 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Archford Capital Strategies LLC raised its holdings in Plug Power by 20,422.2% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock worth $115,000 after purchasing an additional 1,838 shares during the period. Adalta Capital Management LLC acquired a new position in Plug Power in the 2nd quarter worth about $106,000. Virtu KCG Holdings LLC raised its holdings in Plug Power by 126.4% in the 2nd quarter. Virtu KCG Holdings LLC now owns 92,497 shares of the electronics maker’s stock worth $189,000 after purchasing an additional 51,638 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Plug Power by 33.7% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 105,167 shares of the electronics maker’s stock worth $274,000 after purchasing an additional 26,530 shares during the period. Finally, Voya Investment Management LLC raised its holdings in Plug Power by 23.2% in the 2nd quarter. Voya Investment Management LLC now owns 105,772 shares of the electronics maker’s stock worth $216,000 after purchasing an additional 19,904 shares during the period. 24.30% of the stock is owned by institutional investors.
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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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