Plug Power, Inc. (PLUG) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Plug Power, Inc. (NASDAQ:PLUG) from a hold rating to a sell rating in a research note published on Tuesday morning.

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 research analysts also recently issued reports about the stock. B. Riley restated a buy rating on shares of Plug Power in a research report on Wednesday, November 1st. Rodman & Renshaw restated a buy rating and set a $4.00 target price on shares of Plug Power in a research report on Monday, July 24th. Cowen and Company restated a buy rating and set a $3.00 target price on shares of Plug Power in a research report on Sunday, September 17th. BidaskClub upgraded shares of Plug Power from a sell rating to a hold rating in a research report on Tuesday, July 25th. Finally, Roth Capital restated a sell rating and set a $1.30 target price on shares of Plug Power in a research report on Sunday, July 23rd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $3.03.

Shares of Plug Power (NASDAQ PLUG) traded up $0.01 during trading hours on Tuesday, reaching $2.32. 2,938,659 shares of the company’s stock were exchanged, compared to its average volume of 7,385,502. Plug Power has a 12-month low of $0.83 and a 12-month high of $3.21. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 1.29.

Plug Power (NASDAQ:PLUG) last released its earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). Plug Power had a negative net margin of 96.27% and a negative return on equity of 83.93%. The company had revenue of $61.43 million for the quarter, compared to the consensus estimate of $54.57 million. During the same period in the prior year, the company posted $0.07 EPS. The company’s revenue was up 249.0% compared to the same quarter last year. analysts expect that Plug Power will post -0.48 earnings per share for the current fiscal year.

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In other news, Director George C. Mcnamee purchased 200,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $440,000.00. Following the transaction, the director now directly owns 486,131 shares of the company’s stock, valued at approximately $1,069,488.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.90% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Archford Capital Strategies LLC raised its position in shares of Plug Power by 20,422.2% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock valued at $115,000 after acquiring an additional 1,838 shares during the period. Brighton Jones LLC acquired a new stake in shares of Plug Power in the 2nd quarter valued at approximately $102,000. Adalta Capital Management LLC acquired a new stake in shares of Plug Power in the 2nd quarter valued at approximately $106,000. Creative Planning raised its position in shares of Plug Power by 41.5% in the 2nd quarter. Creative Planning now owns 70,472 shares of the electronics maker’s stock valued at $144,000 after acquiring an additional 20,673 shares during the period. Finally, Virtu KCG Holdings LLC raised its position in shares of Plug Power by 126.4% in the 2nd quarter. Virtu KCG Holdings LLC now owns 92,497 shares of the electronics maker’s stock valued at $189,000 after acquiring an additional 51,638 shares during the period. Institutional investors and hedge funds own 23.70% of the company’s stock.

About Plug Power

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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