Plug Power (PLUG) Cut to Sell at Zacks Investment Research

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.

Plug Power (NASDAQ PLUG) opened at $1.78 on Wednesday. Plug Power has a twelve month low of $0.92 and a twelve month high of $3.21. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.29 and a quick ratio of 0.86. The company has a market capitalization of $398.68, a price-to-earnings ratio of -2.92 and a beta of 1.52.

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.

WARNING: “Plug Power (PLUG) Cut to Sell at Zacks Investment Research” was originally published by American Banking News and is the property of of American Banking News. If you are viewing this report on another website, it was illegally copied and republished in violation of U.S. and international copyright law. The original version of this report can be accessed at https://www.americanbankingnews.com/2018/02/14/plug-power-plug-cut-to-sell-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Plug Power (PLUG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Plug Power (NASDAQ:PLUG)

Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply