Plug Power (NASDAQ:PLUG) Cut to “Hold” at TD Cowen

TD Cowen downgraded shares of Plug Power (NASDAQ:PLUG) from a buy rating to a hold rating in a research report report published on Friday, Marketbeat Ratings reports. The firm currently has $2.00 price objective on the electronics maker’s stock, down from their previous price objective of $4.00.

PLUG has been the topic of several other research reports. Hsbc Global Res raised Plug Power to a “strong-buy” rating in a research report on Thursday, October 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Plug Power in a research note on Monday, November 24th. Wall Street Zen lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, November 16th. Susquehanna cut their price target on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a research note on Monday, November 17th. Finally, Cowen lowered shares of Plug Power from a “buy” rating to a “hold” rating in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.73.

Plug Power Trading Down 5.6%

Shares of NASDAQ:PLUG opened at $2.19 on Friday. The company’s 50-day moving average price is $2.21 and its two-hundred day moving average price is $2.13. Plug Power has a one year low of $0.69 and a one year high of $4.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.70. The stock has a market capitalization of $3.05 billion, a PE ratio of -0.92 and a beta of 1.68.

Plug Power (NASDAQ:PLUG) last released its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%.The business had revenue of $177.06 million for the quarter, compared to the consensus estimate of $185.41 million. On average, equities analysts forecast that Plug Power will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Jose Luis Crespo acquired 37,300 shares of the business’s stock in a transaction on Monday, December 15th. The stock was purchased at an average cost of $2.34 per share, for a total transaction of $87,282.00. Following the completion of the transaction, the insider directly owned 307,332 shares of the company’s stock, valued at approximately $719,156.88. The trade was a 13.81% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Haycraft sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $2.20, for a total value of $88,000.00. Following the sale, the insider owned 373,809 shares of the company’s stock, valued at approximately $822,379.80. This represents a 9.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Plug Power

A number of large investors have recently made changes to their positions in PLUG. Advisors Asset Management Inc. boosted its stake in Plug Power by 27.1% in the 1st quarter. Advisors Asset Management Inc. now owns 258,801 shares of the electronics maker’s stock valued at $349,000 after purchasing an additional 55,145 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Plug Power by 12.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock valued at $3,520,000 after acquiring an additional 297,754 shares during the period. Focus Partners Wealth bought a new stake in shares of Plug Power in the first quarter valued at about $37,000. Swedbank AB grew its stake in shares of Plug Power by 16.5% in the first quarter. Swedbank AB now owns 274,066 shares of the electronics maker’s stock valued at $370,000 after acquiring an additional 38,833 shares in the last quarter. Finally, Sovran Advisors LLC increased its position in Plug Power by 61.7% during the second quarter. Sovran Advisors LLC now owns 114,998 shares of the electronics maker’s stock worth $163,000 after acquiring an additional 43,871 shares during the period. Institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.