Plug Power (PLUG) Raised to Buy at Zacks Investment Research

Plug Power (NASDAQ:PLUG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $2.50 target price on the electronics maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.13% from the company’s previous close.

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. “

Several other analysts have also recently weighed in on PLUG. Craig Hallum boosted their price objective on Plug Power from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, October 6th. Cowen reissued a “buy” rating and set a $3.00 price objective on shares of Plug Power in a report on Tuesday, October 17th. FBR & Co reissued a “buy” rating on shares of Plug Power in a report on Tuesday, October 31st. B. Riley reissued a “buy” rating on shares of Plug Power in a report on Wednesday, November 1st. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Plug Power in a report on Thursday, November 9th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $3.23.

Plug Power (NASDAQ:PLUG) remained flat at $$2.27 during trading on Thursday. 1,676,756 shares of the stock traded hands, compared to its average volume of 2,990,000. The company has a quick ratio of 0.86, a current ratio of 1.29 and a debt-to-equity ratio of 0.62. Plug Power has a 1-year low of $0.83 and a 1-year high of $3.21. The firm has a market capitalization of $518.63, a P/E ratio of -3.72 and a beta of 1.64.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.04). Plug Power had a negative return on equity of 83.93% and a negative net margin of 96.27%. The business had revenue of $61.43 million during the quarter, compared to analysts’ expectations of $54.57 million. During the same period in the previous year, the business posted $0.07 earnings per share. The firm’s revenue for the quarter was up 249.0% compared to the same quarter last year. analysts forecast that Plug Power will post -0.51 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in PLUG. Adalta Capital Management LLC bought a new stake in shares of Plug Power in the 2nd quarter valued at about $106,000. Archford Capital Strategies LLC increased its stake 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 last quarter. Virtu KCG Holdings LLC increased its stake 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 last quarter. Voya Investment Management LLC increased its stake in shares of Plug Power by 23.2% in the 2nd quarter. Voya Investment Management LLC now owns 105,772 shares of the electronics maker’s stock valued at $216,000 after acquiring an additional 19,904 shares during the last quarter. Finally, Bluestein R H & Co. increased its stake in shares of Plug Power by 64.0% in the 2nd quarter. Bluestein R H & Co. now owns 123,000 shares of the electronics maker’s stock valued at $251,000 after acquiring an additional 48,000 shares during the last quarter. 24.30% of the stock is owned by institutional investors.

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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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