Canaccord Genuity Begins Coverage on Plug Power (PLUG)
Stock analysts at Canaccord Genuity started coverage on shares of Plug Power (NASDAQ:PLUG) in a research report issued on Friday, Marketbeat reports. The brokerage set a “buy” rating and a $5.00 price target on the electronics maker’s stock. Canaccord Genuity’s price objective suggests a potential upside of 99.20% from the stock’s current price.
Several other analysts also recently issued reports on the company. Zacks Investment Research downgraded Plug Power from a “hold” rating to a “sell” rating in a report on Tuesday, November 14th. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Plug Power in a report on Thursday, November 9th. B. Riley reissued a “buy” rating and issued a $3.50 price target on shares of Plug Power in a report on Thursday, November 9th. FBR & Co reissued a “buy” rating on shares of Plug Power in a report on Tuesday, October 31st. Finally, Cowen reissued a “buy” rating and issued a $3.00 price target on shares of Plug Power in a report on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $3.23.
Plug Power (NASDAQ:PLUG) traded up $0.14 during trading hours on Friday, reaching $2.51. The company’s stock had a trading volume of 8,568,056 shares, compared to its average volume of 7,246,908. 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 has a 52 week low of $0.83 and a 52 week high of $3.21.
In other Plug Power news, Director George C. Mcnamee bought 200,000 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were purchased 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 in the company, valued at $1,069,488.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.90% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Archford Capital Strategies LLC increased its position in shares of Plug Power by 20,422.2% during the 2nd quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock valued at $115,000 after purchasing an additional 1,838 shares during the period. Brighton Jones LLC acquired a new position in shares of Plug Power during the 2nd quarter valued at $102,000. Adalta Capital Management LLC acquired a new position in shares of Plug Power during the 2nd quarter valued at $106,000. Creative Planning increased its position in shares of Plug Power by 41.5% during the 2nd quarter. Creative Planning now owns 70,472 shares of the electronics maker’s stock valued at $144,000 after purchasing an additional 20,673 shares during the period. Finally, Virtu KCG Holdings LLC increased its position in shares of Plug Power by 126.4% during the 2nd quarter. Virtu KCG Holdings LLC now owns 92,497 shares of the electronics maker’s stock valued at $189,000 after purchasing an additional 51,638 shares during the period. Hedge funds and other institutional investors own 24.43% 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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