Plug Power (NASDAQ:PLUG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Plug Power (NASDAQ:PLUG) from a hold rating to a sell rating in a report issued on Friday, Zacks.com reports.

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 analysts also recently issued reports on the stock. BidaskClub downgraded shares of Xperi from a sell rating to a strong sell rating in a report on Wednesday, June 19th. ValuEngine upgraded shares of Zumiez from a sell rating to a hold rating in a research report on Saturday, March 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $2.58.

Shares of Plug Power stock opened at $2.31 on Friday. The company has a debt-to-equity ratio of 66.88, a current ratio of 1.88 and a quick ratio of 1.14. Plug Power has a 12-month low of $0.99 and a 12-month high of $2.87. The firm has a market cap of $566.91 million, a price-to-earnings ratio of -6.42 and a beta of 1.42. The company’s 50 day moving average is $2.38.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Wednesday, May 8th. The electronics maker reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Plug Power had a negative net margin of 53.11% and a negative return on equity of 802.38%. The business had revenue of $18.60 million during the quarter, compared to analysts’ expectations of $32.17 million. During the same period last year, the company earned ($0.07) earnings per share. The firm’s revenue was down 29.5% on a year-over-year basis. Equities research analysts anticipate that Plug Power will post -0.38 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. KAMES CAPITAL plc purchased a new stake in shares of Plug Power during the 2nd quarter worth about $10,731,000. First Trust Advisors LP raised its stake in shares of Plug Power by 3.8% during the 1st quarter. First Trust Advisors LP now owns 227,250 shares of the electronics maker’s stock worth $545,000 after purchasing an additional 8,331 shares in the last quarter. BerganKDV Wealth Management LLC raised its stake in shares of Plug Power by 736.7% during the 1st quarter. BerganKDV Wealth Management LLC now owns 25,100 shares of the electronics maker’s stock worth $60,000 after purchasing an additional 22,100 shares in the last quarter. FormulaFolio Investments LLC raised its stake in shares of Plug Power by 52.8% during the 1st quarter. FormulaFolio Investments LLC now owns 16,200 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 5,600 shares in the last quarter. Finally, Alps Advisors Inc. raised its stake in shares of Plug Power by 57.4% during the 1st quarter. Alps Advisors Inc. now owns 188,386 shares of the electronics maker’s stock worth $452,000 after purchasing an additional 68,696 shares in the last quarter. Institutional investors and hedge funds own 33.28% of the company’s stock.

Plug Power Company Profile

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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