Zacks Investment Research Upgrades Hydrogenics (HYGS) to Buy

Hydrogenics (NASDAQ:HYGS) (TSE:HYG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $12.00 price target on the energy company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.63% from the company’s current price.

According to Zacks, “Hydrogenics Corporation develops proton exchange membrane fuel cell systems for commercialization, including related peripheral products and associated diagnostic and control equipment. Hydrogenics is recognized by key customers for its core competency in fuel cell operating systems while establishing a sustainable commercial business as a leading provider of systems for control and testing of proton exchange membrane fuel cells and stacks. Hydrogenics Corporation was founded in 1988 and is headquartered in Mississauga, Canada. “

HYGS has been the topic of several other research reports. Cowen reissued a “hold” rating and set a $9.00 price objective on shares of Hydrogenics in a report on Tuesday, October 17th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Hydrogenics in a report on Tuesday, November 7th. ValuEngine downgraded Hydrogenics from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Finally, Roth Capital set a $11.00 price objective on Hydrogenics and gave the company a “buy” rating in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $10.50.

Shares of Hydrogenics (NASDAQ:HYGS) traded down $0.25 during mid-day trading on Wednesday, hitting $10.75. The company’s stock had a trading volume of 45,955 shares, compared to its average volume of 61,800. The firm has a market cap of $168.64, a P/E ratio of -11.08 and a beta of 1.34. Hydrogenics has a 52-week low of $4.50 and a 52-week high of $11.99.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its holdings in shares of Hydrogenics by 639.5% during the 2nd quarter. Wells Fargo & Company MN now owns 15,462 shares of the energy company’s stock valued at $157,000 after acquiring an additional 13,371 shares in the last quarter. Virtu KCG Holdings LLC acquired a new stake in shares of Hydrogenics during the 2nd quarter valued at $401,000. PEAK6 Investments L.P. boosted its holdings in shares of Hydrogenics by 241.0% during the 3rd quarter. PEAK6 Investments L.P. now owns 100,355 shares of the energy company’s stock valued at $818,000 after acquiring an additional 70,924 shares in the last quarter. Delta Lloyd Asset Management N.V. acquired a new stake in shares of Hydrogenics during the 2nd quarter valued at $1,515,000. Finally, Manatuck Hill Partners LLC acquired a new stake in shares of Hydrogenics during the 2nd quarter valued at $3,030,000. 25.17% of the stock is currently owned by institutional investors.

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About Hydrogenics

Hydrogenics Corp is a Canada-based firm, which designs and manufactures hydrogen generation products based on water electrolysis technology, and fuel cell products based on proton exchange membrane (PEM) technology. The Company’s segments are Onsite Generation and Power Systems. The OnSite Generation segment is based in Oevel, Belgium and develops products for industrial gas, hydrogen fueling and renewable energy storage markets.

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