Zacks Investment Research cut shares of Plug Power (NASDAQ:PLUG) from a buy rating to a hold rating in a research report report published on Friday.

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 brokerages have also recently issued reports on PLUG. HC Wainwright set a $4.00 target price on shares of Plug Power and gave the stock a buy rating in a report on Tuesday, October 16th. B. Riley set a $4.00 target price on shares of Plug Power and gave the stock a buy rating in a report on Wednesday, August 22nd. ValuEngine cut shares of Plug Power from a buy rating to a hold rating in a report on Tuesday, August 28th. BidaskClub cut shares of Plug Power from a hold rating to a sell rating in a report on Thursday, August 23rd. Finally, CIBC began coverage on shares of Plug Power in a report on Thursday, August 23rd. They set an outperform rating and a $2.50 target price on the stock. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $3.29.

Shares of Plug Power stock opened at $1.81 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.60 and a debt-to-equity ratio of 10.93. Plug Power has a 1 year low of $1.53 and a 1 year high of $2.59. The stock has a market cap of $429.40 million, a price-to-earnings ratio of -3.02 and a beta of 1.29.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Thursday, November 8th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. Plug Power had a negative net margin of 52.31% and a negative return on equity of 170.62%. The company had revenue of $55.30 million for the quarter, compared to analysts’ expectations of $50.44 million. During the same period in the prior year, the business earned ($0.06) EPS. The firm’s quarterly revenue was down 10.0% on a year-over-year basis. As a group, equities research analysts forecast that Plug Power will post -0.33 earnings per share for the current fiscal year.

In other news, insider Gerard L. Conway, Jr. sold 100,000 shares of the firm’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $1.86, for a total value of $186,000.00. Following the sale, the insider now directly owns 110,519 shares in the company, valued at approximately $205,565.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory B. Graves sold 31,343 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $1.73, for a total transaction of $54,223.39. Following the completion of the sale, the director now owns 43,296 shares in the company, valued at $74,902.08. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Plug Power in the 3rd quarter valued at about $121,000. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Plug Power by 183.4% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock valued at $148,000 after buying an additional 47,559 shares in the last quarter. Alps Advisors Inc. boosted its holdings in shares of Plug Power by 387.8% in the 3rd quarter. Alps Advisors Inc. now owns 90,509 shares of the electronics maker’s stock valued at $174,000 after buying an additional 71,955 shares in the last quarter. Global X Management Co LLC bought a new stake in shares of Plug Power in the 2nd quarter valued at about $266,000. Finally, LPL Financial LLC bought a new stake in shares of Plug Power in the 1st quarter valued at about $270,000. Institutional investors and hedge funds own 27.78% of the company’s stock.

Plug Power Company Profile

Plug Power Inc, an alternative energy technology provider, engages in the design, development, commercialization, and manufacture 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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