Plug Power (NASDAQ:PLUG) Rating Lowered to “Sell” at Wall Street Zen

Plug Power (NASDAQ:PLUG) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

Several other equities research analysts have also recently issued reports on PLUG. TD Cowen lifted their price objective on shares of Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Wells Fargo & Company increased their target price on Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Plug Power in a report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a research note on Tuesday, April 21st. Finally, Susquehanna lifted their price target on Plug Power from $2.75 to $3.75 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.42.

Plug Power Price Performance

Shares of NASDAQ:PLUG opened at $2.85 on Friday. Plug Power has a fifty-two week low of $1.03 and a fifty-two week high of $4.58. The firm’s 50 day moving average price is $3.28 and its 200 day moving average price is $2.57. The company has a quick ratio of 1.40, a current ratio of 2.36 and a debt-to-equity ratio of 0.89. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -2.16 and a beta of 2.12.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. The company had revenue of $163.51 million during the quarter, compared to analysts’ expectations of $139.87 million. During the same quarter in the previous year, the business posted ($0.21) EPS. The firm’s revenue was up 22.3% on a year-over-year basis. As a group, equities research analysts predict that Plug Power will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC boosted its holdings in shares of Plug Power by 15.5% in the first quarter. Empowered Funds LLC now owns 252,076 shares of the electronics maker’s stock valued at $570,000 after acquiring an additional 33,835 shares in the last quarter. Rathbones Group PLC raised its holdings in Plug Power by 26.5% during the first quarter. Rathbones Group PLC now owns 38,641 shares of the electronics maker’s stock worth $87,000 after purchasing an additional 8,105 shares in the last quarter. J. Derek Lewis & Associates Inc. raised its holdings in Plug Power by 7.7% during the first quarter. J. Derek Lewis & Associates Inc. now owns 292,555 shares of the electronics maker’s stock worth $661,000 after purchasing an additional 21,000 shares in the last quarter. Janus Henderson Group PLC lifted its position in Plug Power by 41.7% in the first quarter. Janus Henderson Group PLC now owns 621,428 shares of the electronics maker’s stock valued at $1,401,000 after purchasing an additional 183,000 shares during the period. Finally, Amundi lifted its position in Plug Power by 1.0% in the first quarter. Amundi now owns 3,101,505 shares of the electronics maker’s stock valued at $7,009,000 after purchasing an additional 31,433 shares during the period. Institutional investors and hedge funds 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.