Plug Power (NASDAQ:PLUG) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Plug Power (NASDAQ:PLUG) from a sell rating to a hold rating in a research report released on Wednesday morning, 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. “

Several other equities analysts have also issued reports on PLUG. B. Riley restated a buy rating and set a $3.50 price target on shares of Plug Power in a research report on Thursday, March 14th. ValuEngine upgraded Zumiez from a sell rating to a hold rating in a research report on Saturday, March 30th. Finally, BidaskClub lowered Xperi from a sell rating to a strong sell rating in a research report on Wednesday, June 19th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $2.58.

Shares of Plug Power stock opened at $2.29 on Wednesday. The company has a debt-to-equity ratio of 66.88, a quick ratio of 1.14 and a current ratio of 1.88. The firm’s 50-day moving average price is $2.41. Plug Power has a 12 month low of $0.99 and a 12 month high of $2.87.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Wednesday, May 8th. The electronics maker reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). The firm had revenue of $18.60 million for the quarter, compared to the consensus estimate of $32.17 million. Plug Power had a negative net margin of 53.11% and a negative return on equity of 802.38%. Plug Power’s revenue for the quarter was down 29.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.07) earnings per share. Research analysts forecast that Plug Power will post -0.34 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. KAMES CAPITAL plc purchased a new stake in Plug Power during the second quarter valued at approximately $10,731,000. First Trust Advisors LP raised its position in Plug Power by 3.8% during the first quarter. First Trust Advisors LP now owns 227,250 shares of the electronics maker’s stock valued at $545,000 after purchasing an additional 8,331 shares during the period. BerganKDV Wealth Management LLC raised its position in Plug Power by 736.7% during the first quarter. BerganKDV Wealth Management LLC now owns 25,100 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 22,100 shares during the period. FormulaFolio Investments LLC raised its position in Plug Power by 52.8% during the first quarter. FormulaFolio Investments LLC now owns 16,200 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 5,600 shares during the period. Finally, Alps Advisors Inc. raised its position in Plug Power by 57.4% during the first quarter. Alps Advisors Inc. now owns 188,386 shares of the electronics maker’s stock valued at $452,000 after purchasing an additional 68,696 shares during the period. Institutional investors and hedge funds own 31.34% of the company’s stock.

About Plug Power

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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