Plug Power (PLUG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Plug Power (NASDAQ:PLUG) from a hold rating to a sell rating in a research note released on Thursday.

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. “

PLUG has been the subject of several other reports. ValuEngine raised Plug Power from a hold rating to a buy rating in a report on Monday. B. Riley set a $4.00 price objective on Plug Power and gave the company a buy rating in a report on Friday, March 8th. BidaskClub raised Plug Power from a sell rating to a hold rating in a report on Tuesday, February 26th. HC Wainwright reaffirmed a buy rating and issued a $4.00 price objective on shares of Plug Power in a report on Thursday, January 10th. Finally, Roth Capital raised Plug Power from a sell rating to a neutral rating and set a $1.30 price objective for the company in a report on Wednesday, January 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Buy and an average target price of $2.58.

NASDAQ:PLUG traded down $0.19 during mid-day trading on Thursday, hitting $2.41. 7,963,643 shares of the stock were exchanged, compared to its average volume of 4,009,841. The stock has a market cap of $555.47 million, a P/E ratio of -6.68 and a beta of 1.72. The company has a current ratio of 1.06, a quick ratio of 0.60 and a debt-to-equity ratio of 10.93. Plug Power has a fifty-two week low of $0.99 and a fifty-two week high of $2.65.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, March 7th. The electronics maker reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.03). The firm had revenue of $59.80 million for the quarter, compared to analyst estimates of $58.40 million. Plug Power had a negative return on equity of 224.02% and a negative net margin of 42.87%. The business’s revenue for the quarter was up 77.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) earnings per share. As a group, sell-side analysts forecast that Plug Power will post -0.23 EPS for the current year.

In other Plug Power news, CEO Andrew Marsh purchased 12,286 shares of the stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $2.44 per share, with a total value of $29,977.84. Following the acquisition, the chief executive officer now owns 465,145 shares of the company’s stock, valued at $1,134,953.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.10% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of PLUG. Amalgamated Bank raised its holdings in shares of 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 buying an additional 19,851 shares in the last quarter. Legal & General Group Plc grew its position 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 acquiring an additional 8,556 shares during the last quarter. Advisor Group Inc. grew its position in Plug Power by 38.0% during the 4th quarter. Advisor Group Inc. now owns 53,000 shares of the electronics maker’s stock worth $66,000 after acquiring an additional 14,590 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in Plug Power by 343.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock worth $91,000 after acquiring an additional 56,912 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Plug Power during the 3rd quarter worth $121,000. 26.86% of the stock is owned by institutional investors.

About Plug Power

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