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Plug Power (NASDAQ:PLUG) was upgraded by analysts at Cowen and Company from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $6.00 price target on the stock, down from their previous price target of $7.50. Cowen and Company’s price objective suggests a potential upside of 57.07% from the company’s current price.

The analysts wrote, “strong cash position should support expansion into hydrogen generation, Asia, and new product segments,”

A number of other firms have also recently commented on PLUG. Analysts at Zacks downgraded shares of Plug Power from an “outperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $4.40 price target on the stock. Finally, analysts at Roth Capital downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Friday, March 14th. They now have a $8.00 price target on the stock, up previously from $0.80. They noted that the move was a valuation call.

Shares of Plug Power (NASDAQ:PLUG) traded up 3.14% during mid-day trading on Thursday, hitting $3.94. The stock had a trading volume of 15,650,631 shares. Plug Power has a one year low of $0.22 and a one year high of $11.72. The stock’s 50-day moving average is $5.91 and its 200-day moving average is $3.73. The company’s market cap is $567.2 million. Plug Power also was the target of a large decrease in short interest in April. As of April 30th, there was short interest totalling 26,059,731 shares, a decrease of 12.3% from the April 15th total of 29,729,580 shares. Based on an average trading volume of 31,046,779 shares, the days-to-cover ratio is currently 0.8 days. Approximately 26.0% of the shares of the stock are short sold.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.05) by $0.01. The company had revenue of $5.60 million for the quarter, compared to the consensus estimate of $5.35 million. During the same quarter in the prior year, the company posted ($0.14) earnings per share. The company’s quarterly revenue was down 13.6% on a year-over-year basis. Analysts expect that Plug Power will post $-0.09 EPS for the current fiscal year.

Plug Power Inc (NASDAQ:PLUG), is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of fuel cell systems for the industrial off-road (forklift or material handling) market.

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