HC Wainwright Reaffirms “Buy” Rating for Plug Power (PLUG)
Plug Power (NASDAQ:PLUG)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued to investors on Thursday. They currently have a $4.00 target price on the electronics maker’s stock. HC Wainwright’s price target indicates a potential upside of 70.94% from the company’s previous close.
The analysts wrote, “Investor Day Notes; Management Upbeat and Confident Going into 2018; Affirm Buy Continuing coverage under the name H.C. Wainwright & Co. with a Buy rating. Effective November 9, 2017, research in the above titled name will now be published under H.C. Wainwright & Co. and no longer distributed in conjunction with ‘Rodman & Renshaw, a unit of H.C. Wainwright’. Investor day and site visit. On December 6, 2017 we attended PLUG’s investor day; the company also provided a site visit of its Latham, NY, facilities to investors. In addition to the company’s CEO and CFO, some other top executives including sales, operations, and hydrogen system group heads made presentations during the event. Key takeaways. During 2017, the company has been successful in securing business from Walmart (WMT; not rated) and Amazon (AMZN; not rated); revenue from Amazon alone is expected to be $600M over four years.””
PLUG has been the subject of a number of other research reports. FBR & Co restated a “buy” rating on shares of Plug Power in a research note on Tuesday, October 31st. Craig Hallum upped their price objective on Plug Power from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Friday, October 6th. Zacks Investment Research downgraded Plug Power from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. ValuEngine downgraded Plug Power from a “hold” rating to a “sell” rating in a research note on Monday. Finally, Cowen restated a “buy” rating and issued a $3.00 price objective on shares of Plug Power in a research note on Tuesday, October 17th. Four equities research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. Plug Power presently has a consensus rating of “Hold” and a consensus price target of $3.23.
Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $61.43 million during the quarter, compared to analyst estimates of $54.57 million. Plug Power had a negative return on equity of 83.93% and a negative net margin of 96.27%. Plug Power’s quarterly revenue was up 249.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 EPS. analysts anticipate that Plug Power will post -0.51 EPS for the current fiscal year.
In related news, Director George C. Mcnamee bought 200,000 shares of the business’s stock in a transaction on Friday, September 15th. The stock was acquired at an average price of $2.20 per share, for a total transaction of $440,000.00. Following the purchase, 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 is available through the SEC website. 4.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brighton Jones LLC purchased a new stake in shares of Plug Power in the 2nd quarter valued at about $102,000. Adalta Capital Management LLC purchased a new stake in shares of Plug Power in the 2nd quarter valued at about $106,000. Archford Capital Strategies LLC raised its holdings 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 in the last quarter. Creative Planning raised its holdings 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 in the last quarter. Finally, Virtu KCG Holdings LLC raised its holdings 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 in the last quarter. Institutional investors and hedge funds own 24.43% of the company’s stock.
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Plug Power Company Profile
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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