Zacks Investment Research upgraded shares of Plug Power, Inc. (NASDAQ:PLUG) from a strong sell rating to a hold rating in a report released on Wednesday.

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 a number of other research reports. FBR & Co set a $3.00 target price on shares of Plug Power and gave the company an outperform rating in a research report on Wednesday, May 10th. ValuEngine upgraded shares of Plug Power from a sell rating to a hold rating in a research report on Friday, July 7th. HC Wainwright set a $4.00 target price on shares of Plug Power and gave the company a buy rating in a research report on Thursday, April 6th. Roth Capital downgraded shares of Plug Power from a neutral rating to a sell rating and dropped their target price for the company from $2.25 to $1.30 in a research report on Wednesday, May 17th. Finally, Cowen and Company set a $3.00 target price on shares of Plug Power and gave the company a buy rating in a research report on Thursday, April 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Plug Power currently has a consensus rating of Hold and a consensus target price of $2.80.

Shares of Plug Power (NASDAQ PLUG) traded down 0.94% during midday trading on Wednesday, hitting $2.11. 1,249,189 shares of the company were exchanged. The firm’s market capitalization is $471.49 million. Plug Power has a one year low of $0.83 and a one year high of $2.70. The firm’s 50 day moving average price is $2.07 and its 200 day moving average price is $1.66.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, May 9th. The electronics maker reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.06. Plug Power had a negative net margin of 81.41% and a negative return on equity of 68.47%. The company had revenue of $15.20 million for the quarter, compared to analyst estimates of $24.90 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. The firm’s revenue was down .7% on a year-over-year basis. Analysts forecast that Plug Power will post ($0.25) EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors increased its position in 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. Teachers Advisors LLC increased its position in 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. Aperio Group LLC increased its position in Plug Power by 6.4% in the second quarter. Aperio Group LLC now owns 119,061 shares of the electronics maker’s stock valued at $243,000 after buying an additional 7,166 shares during the last quarter. American International Group Inc. increased its position in Plug Power by 7.5% in the first quarter. American International Group Inc. now owns 111,649 shares of the electronics maker’s stock valued at $154,000 after buying an additional 7,773 shares during the last quarter. Finally, Creative Planning increased its position in Plug Power by 41.5% in the second quarter. Creative Planning now owns 70,472 shares of the electronics maker’s stock valued at $144,000 after buying an additional 20,673 shares during the last quarter. Hedge funds and other institutional investors own 17.58% of the company’s stock.

Plug Power Company Profile

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.

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Analyst Recommendations for Plug Power (NASDAQ:PLUG)

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