Plug Power (NASDAQ:PLUG) Upgraded to Hold by Zacks Investment Research
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 topic of several other research reports. B. Riley reiterated a buy rating and set a $3.50 price target on shares of Plug Power in a research report on Thursday, March 14th. BidaskClub lowered shares of Xperi from a sell rating to a strong sell rating in a research report on Wednesday, June 19th. Finally, ValuEngine upgraded shares of Zumiez from a sell rating to a hold rating in a research report on Saturday, March 30th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $2.58.
Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Wednesday, May 8th. The electronics maker reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.07). The firm had revenue of $18.60 million for the quarter, compared to analyst estimates of $32.17 million. Plug Power had a negative return on equity of 802.38% and a negative net margin of 53.11%. The business’s revenue was down 29.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) EPS. Sell-side analysts forecast that Plug Power will post -0.34 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its position in Plug Power by 12.1% in the fourth quarter. BlackRock Inc. now owns 16,527,822 shares of the electronics maker’s stock valued at $20,494,000 after buying an additional 1,786,566 shares in the last quarter. Odey Asset Management Group Ltd boosted its position in Plug Power by 11.7% in the fourth quarter. Odey Asset Management Group Ltd now owns 5,486,413 shares of the electronics maker’s stock valued at $6,803,000 after buying an additional 576,413 shares in the last quarter. KAMES CAPITAL plc acquired a new stake in Plug Power in the second quarter valued at approximately $10,731,000. Northern Trust Corp boosted its position in Plug Power by 0.6% in the fourth quarter. Northern Trust Corp now owns 2,632,446 shares of the electronics maker’s stock valued at $3,264,000 after buying an additional 16,140 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Plug Power by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 2,481,356 shares of the electronics maker’s stock valued at $3,076,000 after buying an additional 152,681 shares in the last quarter. Hedge funds and other institutional investors own 31.34% 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.
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