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

Zacks Investment Research upgraded shares of Plug Power (NASDAQ:PLUG) from a sell rating to a hold rating in a research report sent to investors on Thursday, 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 research firms have also recently issued reports on PLUG. BidaskClub cut Plug Power from a buy rating to a hold rating in a research report on Wednesday, June 19th. HC Wainwright reiterated a buy rating and set a $4.00 target price on shares of Plug Power in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Plug Power has an average rating of Buy and an average price target of $2.58.

NASDAQ PLUG traded down $0.01 on Thursday, hitting $2.09. 2,193,400 shares of the company’s stock were exchanged, compared to its average volume of 4,156,184. The company has a current ratio of 1.88, a quick ratio of 1.14 and a debt-to-equity ratio of 66.88. The firm has a 50-day moving average price of $2.25. Plug Power has a fifty-two week low of $0.99 and a fifty-two week high of $2.87. The stock has a market cap of $515.36 million, a price-to-earnings ratio of -5.81 and a beta of 1.47.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, August 6th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. Plug Power had a negative return on equity of 1,598.78% and a negative net margin of 44.51%. The company had revenue of $57.07 million for the quarter, compared to analysts’ expectations of $52.47 million. During the same quarter in the previous year, the firm posted ($0.08) EPS. The firm’s quarterly revenue was up 62.0% on a year-over-year basis. As a group, equities analysts expect that Plug Power will post -0.38 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Plug Power in the 1st quarter worth approximately $25,000. FormulaFolio Investments LLC grew its holdings in shares of Plug Power by 52.8% in the 1st quarter. FormulaFolio Investments LLC now owns 16,200 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 5,600 shares during the period. Amalgamated Bank grew its holdings in shares of Plug Power by 154.8% in the 4th quarter. Amalgamated Bank now owns 32,671 shares of the electronics maker’s stock worth $41,000 after acquiring an additional 19,851 shares during the period. Legal & General Group Plc grew its holdings in shares of Plug Power by 27.4% in 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 period. Finally, SG Americas Securities LLC acquired a new stake in shares of Plug Power in the 1st quarter worth approximately $55,000. Institutional investors and hedge funds own 33.13% 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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