Plug Power, Inc. (NASDAQ:PLUG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

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. “

Several other analysts also recently issued reports on PLUG. Cowen and Company reissued an “outperform” rating and issued a $3.00 price objective on shares of Plug Power in a research note on Thursday. HC Wainwright set a $4.00 price objective on shares of Plug Power and gave the stock a “buy” rating in a research note on Wednesday. BidaskClub downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Rodman & Renshaw reissued a “buy” rating and issued a $4.00 price objective on shares of Plug Power in a research note on Monday, July 24th. Finally, FBR & Co reissued an “outperform” rating and issued a $3.50 price objective (up previously from $3.00) on shares of Plug Power in a research note on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $2.83.

Plug Power (NASDAQ PLUG) opened at 2.06 on Friday. The firm’s 50-day moving average price is $2.16 and its 200-day moving average price is $1.78. The company’s market cap is $462.94 million. Plug Power has a 52-week low of $0.83 and a 52-week high of $2.70.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, August 8th. The electronics maker reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. The firm had revenue of $22.60 million during the quarter, compared to the consensus estimate of $28.58 million. Plug Power had a negative return on equity of 91.34% and a negative net margin of 112.95%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.04) EPS. On average, equities analysts anticipate that Plug Power will post ($0.24) EPS for the current year.

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Several hedge funds have recently bought and sold shares of PLUG. Virtu KCG Holdings LLC increased its stake in Plug Power by 126.4% in the second quarter. Virtu KCG Holdings LLC now owns 92,497 shares of the electronics maker’s stock valued at $189,000 after buying an additional 51,638 shares in the last quarter. EAM Investors LLC bought a new stake in Plug Power during the second quarter valued at $606,000. Bluestein R H & Co. increased its stake in Plug Power by 64.0% in the second quarter. Bluestein R H & Co. now owns 123,000 shares of the electronics maker’s stock valued at $251,000 after buying an additional 48,000 shares in the last quarter. ARK Investment Management LLC bought a new stake in Plug Power during the second quarter valued at $397,000. Finally, Vanguard Group Inc. increased its stake in Plug Power by 30.6% in the second quarter. Vanguard Group Inc. now owns 10,432,461 shares of the electronics maker’s stock valued at $21,283,000 after buying an additional 2,444,005 shares in the last quarter. 17.54% of the stock is owned by hedge funds and other institutional investors.

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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