Plug Power (NASDAQ:PLUG) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Plug Power (NASDAQ:PLUG) from a hold rating to a buy rating in a research report report published on Wednesday, Zacks.com reports. The firm currently has $3.00 target price 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. “
A number of other brokerages have also recently commented on PLUG. HC Wainwright reiterated a buy rating and set a $4.00 target price on shares of Plug Power in a report on Wednesday, August 7th. BidaskClub upgraded Plug Power from a hold rating to a buy rating in a report on Wednesday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $2.96.
Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, August 6th. The electronics maker reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $57.07 million for the quarter, compared to analysts’ expectations of $52.47 million. Plug Power had a negative return on equity of 6,435.09% and a negative net margin of 44.51%. Plug Power’s quarterly revenue was up 62.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) EPS. As a group, sell-side analysts expect that Plug Power will post -0.36 earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of PLUG. KAMES CAPITAL plc acquired a new stake in shares of Plug Power during the second quarter worth $10,731,000. Nuveen Asset Management LLC acquired a new stake in shares of Plug Power during the second quarter worth $2,800,000. Vanguard Group Inc. boosted its holdings in shares of Plug Power by 8.1% during the second quarter. Vanguard Group Inc. now owns 12,247,704 shares of the electronics maker’s stock worth $27,557,000 after purchasing an additional 922,937 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Plug Power by 56.6% during the second quarter. Invesco Ltd. now owns 2,316,548 shares of the electronics maker’s stock worth $5,212,000 after purchasing an additional 836,970 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Plug Power during the second quarter worth $666,000. Institutional investors and hedge funds own 32.15% of the company’s stock.
About Plug Power
Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.
Further Reading: The limitations of an equal weight rating
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