Zacks Investment Research cut shares of Plug Power (NASDAQ:PLUG) from a hold rating to a sell rating in a research report 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. “
Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Plug Power from a sell rating to a strong sell rating in a report on Saturday, December 15th. Cowen set a $3.00 target price on Plug Power and gave the company a buy rating in a report on Tuesday, October 16th. HC Wainwright set a $4.00 target price on Plug Power and gave the company a buy rating in a report on Friday, November 9th. Finally, ValuEngine cut Plug Power from a buy rating to a hold rating in a report on Thursday, November 1st. Two investment analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $3.18.
Plug Power (NASDAQ:PLUG) last announced its earnings results on Thursday, November 8th. The electronics maker reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $55.30 million for the quarter, compared to analysts’ expectations of $50.44 million. Plug Power had a negative return on equity of 170.62% and a negative net margin of 52.31%. Plug Power’s quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) EPS. As a group, equities research analysts forecast that Plug Power will post -0.32 earnings per share for the current year.
Institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Plug Power during the 3rd quarter worth $121,000. Metropolitan Life Insurance Co. NY lifted its stake in shares of Plug Power by 183.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock worth $148,000 after purchasing an additional 47,559 shares during the period. Alps Advisors Inc. lifted its stake in shares of Plug Power by 387.8% during the 3rd quarter. Alps Advisors Inc. now owns 90,509 shares of the electronics maker’s stock worth $174,000 after purchasing an additional 71,955 shares during the period. Global X Management Co LLC purchased a new position in shares of Plug Power during the 2nd quarter worth $266,000. Finally, Nomura Holdings Inc. lifted its stake in shares of Plug Power by 67.2% during the 2nd quarter. Nomura Holdings Inc. now owns 369,608 shares of the electronics maker’s stock worth $747,000 after purchasing an additional 148,511 shares during the period. 27.03% of the stock is currently owned by institutional investors.
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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