Zacks Investment Research upgraded shares of Plug Power, Inc. (NASDAQ:PLUG) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The firm currently has $2.50 price objective on the electronics maker’s stock.

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. “

Other equities research analysts also recently issued research reports about the company. HC Wainwright set a $4.00 target price on Plug Power and gave the stock a buy rating in a report on Thursday, April 6th. Cowen and Company set a $3.00 target price on Plug Power and gave the stock a buy rating in a report on Thursday, April 6th. Roth Capital downgraded Plug Power from a neutral rating to a sell rating and decreased their target price for the stock from $2.25 to $1.30 in a report on Wednesday, May 17th. ValuEngine downgraded Plug Power from a hold rating to a sell rating in a report on Thursday, May 18th. Finally, Rodman & Renshaw lifted their target price on Plug Power from $3.00 to $4.00 and gave the stock a buy rating in a report on Thursday, April 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $2.83.

Plug Power (NASDAQ PLUG) opened at 2.26 on Friday. The firm’s 50-day moving average is $2.15 and its 200 day moving average is $1.72. Plug Power has a 1-year low of $0.83 and a 1-year high of $2.70. The company’s market cap is $505.00 million.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, May 9th. The electronics maker reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.06. Plug Power had a negative return on equity of 68.47% and a negative net margin of 81.41%. The business had revenue of $15.20 million for the quarter, compared to analysts’ expectations of $24.90 million. During the same quarter in the previous year, the firm posted ($0.05) EPS. Plug Power’s revenue was down .7% on a year-over-year basis. Analysts predict that Plug Power will post ($0.24) earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in PLUG. Schwab Charles Investment Management Inc. increased its position in shares of Plug Power by 51.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 768,662 shares of the electronics maker’s stock worth $1,061,000 after buying an additional 262,147 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Plug Power by 30.4% in the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock worth $2,415,000 after buying an additional 407,653 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Plug Power by 10.2% in the first quarter. Vanguard Group Inc. now owns 7,988,456 shares of the electronics maker’s stock worth $11,024,000 after buying an additional 738,875 shares during the last quarter. Asset Management One Co. Ltd. increased its position in shares of Plug Power by 34.4% in the first quarter. Asset Management One Co. Ltd. now owns 286,299 shares of the electronics maker’s stock worth $395,000 after buying an additional 73,274 shares during the last quarter. Finally, American International Group Inc. increased its position in shares of Plug Power by 7.5% in the first quarter. American International Group Inc. now owns 111,649 shares of the electronics maker’s stock worth $154,000 after buying an additional 7,773 shares during the last quarter. 17.52% of the stock is owned by institutional investors.

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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