Plug Power (NASDAQ:PLUG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
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. “
PLUG has been the subject of a number of other reports. B. Riley set a $4.00 price target on Plug Power and gave the stock a “buy” rating in a report on Friday, February 9th. FBR & Co reaffirmed a “buy” rating on shares of Plug Power in a report on Tuesday, October 31st. HC Wainwright set a $4.00 price target on Plug Power and gave the stock a “buy” rating in a report on Friday, February 9th. ValuEngine lowered Plug Power from a “hold” rating to a “sell” rating in a report on Monday, December 4th. Finally, Canaccord Genuity initiated coverage on Plug Power in a report on Friday, December 1st. They issued a “buy” rating and a $5.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Plug Power presently has a consensus rating of “Hold” and an average price target of $3.28.
Hedge funds have recently modified their holdings of the business. Private Advisor Group LLC lifted its stake in Plug Power by 160.9% during the first quarter. Private Advisor Group LLC now owns 51,318 shares of the electronics maker’s stock worth $115,000 after purchasing an additional 31,646 shares during the last quarter. Swiss National Bank increased its holdings in shares of Plug Power by 15.3% in the second quarter. Swiss National Bank now owns 325,200 shares of the electronics maker’s stock worth $663,000 after buying an additional 43,100 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Plug Power by 58.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock worth $2,484,000 after buying an additional 448,639 shares during the period. Hudson Bay Capital Management LP purchased a new position in shares of Plug Power in the fourth quarter worth about $12,264,000. Finally, Brighton Jones LLC purchased a new position in shares of Plug Power in the second quarter worth about $102,000. 24.43% of the stock is owned by hedge funds and other institutional investors.
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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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