Plug Power (PLUG) Downgraded by Zacks Investment Research to Sell

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Plug Power (NASDAQ:PLUG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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 several other reports. ValuEngine raised shares of Plug Power from a “hold” rating to a “buy” rating in a report on Friday, November 16th. HC Wainwright set a $4.00 price target on shares of Plug Power and gave the company a “buy” rating in a report on Friday, November 9th. BidaskClub raised shares of Plug Power from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 16th. Finally, Cowen set a $3.00 target price on shares of Plug Power and gave the stock a “buy” rating in a research report on Tuesday, October 16th. Two equities research analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $3.18.

PLUG stock opened at $1.45 on Friday. The company has a debt-to-equity ratio of 10.93, a quick ratio of 0.60 and a current ratio of 1.06. Plug Power has a 12 month low of $0.99 and a 12 month high of $2.42. The stock has a market capitalization of $352.41 million, a price-to-earnings ratio of -2.42 and a beta of 1.21.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, November 8th. The electronics maker reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $55.30 million for the quarter, compared to analyst estimates of $50.44 million. Plug Power had a negative net margin of 52.31% and a negative return on equity of 170.62%. The business’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.06) EPS. Equities research analysts forecast that Plug Power will post -0.32 earnings per share for the current fiscal year.

In related news, insider Gerard L. Conway, Jr. sold 100,000 shares of Plug Power stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $1.86, for a total transaction of $186,000.00. Following the sale, the insider now directly owns 110,519 shares in the company, valued at approximately $205,565.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.10% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Plug Power by 0.8% in the 3rd quarter. BlackRock Inc. now owns 14,741,256 shares of the electronics maker’s stock worth $28,301,000 after purchasing an additional 116,133 shares during the period. Vanguard Group Inc. lifted its position in shares of Plug Power by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 10,460,068 shares of the electronics maker’s stock worth $20,082,000 after purchasing an additional 194,903 shares during the period. Vanguard Group Inc lifted its position in shares of Plug Power by 1.9% in the 3rd quarter. Vanguard Group Inc now owns 10,460,068 shares of the electronics maker’s stock worth $20,082,000 after purchasing an additional 194,903 shares during the period. Odey Asset Management Group Ltd lifted its position in shares of Plug Power by 90.3% in the 2nd quarter. Odey Asset Management Group Ltd now owns 4,910,000 shares of the electronics maker’s stock worth $9,918,000 after purchasing an additional 2,330,000 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its position in shares of Plug Power by 2.2% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 4,600,000 shares of the electronics maker’s stock worth $8,832,000 after purchasing an additional 100,000 shares during the period. Hedge funds and other institutional investors own 27.03% of the company’s stock.

Plug Power Company Profile

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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