Plug Power (PLUG) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Plug Power (NASDAQ:PLUG) from a buy rating to a hold rating in a report published on Friday.

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 topic of a number of other research reports. FBR & Co restated a buy rating on shares of Plug Power in a research report on Tuesday, October 31st. ValuEngine cut Plug Power from a hold rating to a sell rating in a research report on Monday, December 4th. Craig Hallum raised their price target on Plug Power from $3.00 to $4.00 and gave the stock a buy rating in a research report on Friday, October 6th. Cowen restated a buy rating and issued a $3.00 price target on shares of Plug Power in a research report on Tuesday, October 17th. Finally, HC Wainwright restated a buy rating and issued a $4.00 price target on shares of Plug Power in a research report on Thursday, November 9th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $3.23.

Shares of Plug Power (PLUG) traded down $0.05 during midday trading on Friday, hitting $2.35. The company had a trading volume of 4,622,500 shares, compared to its average volume of 3,252,578. The company has a quick ratio of 0.86, a current ratio of 1.29 and a debt-to-equity ratio of 0.62. Plug Power has a 52 week low of $0.83 and a 52 week high of $3.21. The company has a market capitalization of $520.91, a PE ratio of -3.85 and a beta of 1.64.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.04). Plug Power had a negative return on equity of 83.93% and a negative net margin of 96.27%. The company had revenue of $61.43 million for the quarter, compared to analysts’ expectations of $54.57 million. During the same quarter last year, the business earned $0.07 earnings per share. Plug Power’s revenue was up 249.0% on a year-over-year basis. research analysts anticipate that Plug Power will post -0.51 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. KBC Group NV boosted its stake in Plug Power by 34.9% in the third quarter. KBC Group NV now owns 162,549 shares of the electronics maker’s stock valued at $424,000 after buying an additional 42,024 shares in the last quarter. EAM Investors LLC boosted its stake in shares of Plug Power by 83.0% during the third quarter. EAM Investors LLC now owns 543,608 shares of the electronics maker’s stock valued at $1,419,000 after purchasing an additional 246,620 shares in the last quarter. Swiss National Bank boosted its stake in shares of Plug Power by 14.9% during the third quarter. Swiss National Bank now owns 373,700 shares of the electronics maker’s stock valued at $975,000 after purchasing an additional 48,500 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Plug Power by 33.7% during the third quarter. State Board of Administration of Florida Retirement System now owns 105,167 shares of the electronics maker’s stock valued at $274,000 after purchasing an additional 26,530 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan acquired a new stake in shares of Plug Power during the third quarter valued at about $783,000. 24.30% of the stock is currently owned by institutional investors and hedge funds.

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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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