Zacks Investment Research upgraded shares of Plug Power (NASDAQ:PLUG) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $3.00 target price 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. “
A number of other research analysts also recently commented on the stock. BidaskClub raised shares of Plug Power from a hold rating to a buy rating in a report on Wednesday. HC Wainwright reissued a buy rating and issued a $4.00 price objective on shares of Plug Power in a research note on Wednesday, August 7th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $2.96.
Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, August 6th. The electronics maker reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.02. Plug Power had a negative net margin of 44.51% and a negative return on equity of 6,435.09%. The firm had revenue of $57.07 million during the quarter, compared to the consensus estimate of $52.47 million. During the same quarter last year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 62.0% compared to the same quarter last year. Research analysts expect that Plug Power will post -0.36 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in PLUG. KAMES CAPITAL plc bought a new stake in Plug Power in the second quarter worth about $10,731,000. Nuveen Asset Management LLC bought a new stake in Plug Power in the second quarter worth about $2,800,000. Vanguard Group Inc. lifted its stake in Plug Power by 8.1% in the second quarter. Vanguard Group Inc. now owns 12,247,704 shares of the electronics maker’s stock worth $27,557,000 after purchasing an additional 922,937 shares during the last quarter. Invesco Ltd. lifted its stake in Plug Power by 56.6% in the second quarter. Invesco Ltd. now owns 2,316,548 shares of the electronics maker’s stock worth $5,212,000 after purchasing an additional 836,970 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Plug Power in the second quarter worth about $666,000. 32.15% of the stock is owned by institutional investors and hedge funds.
Plug Power Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.