Plug Power, Inc. (PLUG) Given Buy Rating at Rodman & Renshaw

Rodman & Renshaw reaffirmed their buy rating on shares of Plug Power, Inc. (NASDAQ:PLUG) in a research note released on Monday, July 24th. The firm currently has a $4.00 target price on the electronics maker’s stock.

A number of other research firms have also commented on PLUG. Cowen and Company set a $3.00 price objective on shares of Plug Power and gave the company a buy rating in a research note on Monday, July 10th. ValuEngine lowered shares of Plug Power from a hold rating to a sell rating in a research report on Thursday, May 18th. Zacks Investment Research raised shares of Plug Power from a strong sell rating to a hold rating in a research report on Wednesday, July 19th. FBR & Co reissued an outperform rating and issued a $3.00 price target on shares of Plug Power in a research report on Tuesday, April 18th. Finally, Roth Capital reissued a sell rating and issued a $1.30 price target on shares of Plug Power in a research report on Sunday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Plug Power has an average rating of Hold and a consensus target price of $2.83.

Shares of Plug Power (NASDAQ:PLUG) opened at 2.06 on Monday. Plug Power has a 12-month low of $0.83 and a 12-month high of $2.70. The firm has a 50-day moving average of $2.16 and a 200-day moving average of $1.78. The firm’s market cap is $462.94 million.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.03. Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The firm had revenue of $22.60 million for the quarter, compared to analysts’ expectations of $28.58 million. During the same period in the prior year, the company posted ($0.04) earnings per share. Plug Power’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities analysts forecast that Plug Power will post ($0.24) earnings per share for the current fiscal year.

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A number of institutional investors have recently modified their holdings of PLUG. State Street Corp raised its position in shares of Plug Power by 7.2% in the fourth quarter. State Street Corp now owns 2,984,022 shares of the electronics maker’s stock valued at $3,578,000 after buying an additional 199,300 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of Plug Power during the fourth quarter valued at $12,264,000. Teachers Advisors LLC raised its position in shares of Plug Power by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 385,028 shares of the electronics maker’s stock valued at $462,000 after buying an additional 6,680 shares during the last quarter. Nationwide Fund Advisors raised its position in shares of Plug Power by 4.6% in the first quarter. Nationwide Fund Advisors now owns 117,225 shares of the electronics maker’s stock valued at $162,000 after buying an additional 5,127 shares during the last quarter. Finally, IFC Holdings Incorporated FL raised its position in shares of Plug Power by 33.5% in the first quarter. IFC Holdings Incorporated FL now owns 135,500 shares of the electronics maker’s stock valued at $189,000 after buying an additional 34,000 shares during the last quarter. 17.54% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power

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.

Analyst Recommendations for Plug Power (NASDAQ:PLUG)

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