Plug Power (NASDAQ:PLUG) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Plug Power (NASDAQ:PLUG) from a sell rating to a strong sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

PLUG has been the subject of several other research reports. Weiss Ratings cut Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. UBS Group reissued a “buy” rating and issued a $5.00 price objective on shares of Plug Power in a research note on Tuesday, August 11th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Plug Power in a research note on Tuesday, September 29th. Roth Capital restated a “buy” rating and set a $5.00 price objective (up from $3.50) on shares of Plug Power in a research report on Wednesday, August 12th. Finally, Craig Hallum reaffirmed a “buy” rating on shares of Plug Power in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.59.

Plug Power Stock Down 0.5%

Shares of NASDAQ:PLUG opened at $1.89 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.32 and a current ratio of 2.32. The company has a market cap of $2.64 billion, a PE ratio of -1.50 and a beta of 2.28. Plug Power has a 52 week low of $1.70 and a 52 week high of $4.58. The firm has a 50 day simple moving average of $2.11 and a 200 day simple moving average of $2.60.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The firm had revenue of $178.30 million during the quarter, compared to analyst estimates of $169.11 million. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, research analysts expect that Plug Power will post -0.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Benjamin Haycraft sold 200,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $2.14, for a total transaction of $428,000.00. Following the completion of the sale, the insider directly owned 101,249 shares of the company’s stock, valued at $216,672.86. This trade represents a 66.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 232,560 shares of company stock valued at $496,178. Corporate insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Plug Power

Several large investors have recently made changes to their positions in PLUG. Envestnet Asset Management Inc. increased its holdings in Plug Power by 45.7% in the second quarter. Envestnet Asset Management Inc. now owns 27,568 shares of the electronics maker’s stock worth $75,000 after buying an additional 8,642 shares during the last quarter. State Street Corp lifted its stake in Plug Power by 6.1% in the second quarter. State Street Corp now owns 38,763,529 shares of the electronics maker’s stock valued at $105,049,000 after acquiring an additional 2,214,427 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Plug Power by 9.9% in the second quarter. The Manufacturers Life Insurance Company now owns 702,003 shares of the electronics maker’s stock valued at $1,902,000 after acquiring an additional 63,074 shares during the last quarter. Tidal Investments LLC grew its position in Plug Power by 79.9% in the second quarter. Tidal Investments LLC now owns 187,591 shares of the electronics maker’s stock worth $508,000 after acquiring an additional 83,314 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in Plug Power in the second quarter worth approximately $145,000. Institutional investors own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a clean-energy technology company that develops and supplies hydrogen and fuel-cell solutions. Its products include fuel-cell systems and engines for material-handling equipment, backup and stationary power, and other commercial and industrial applications. The company also provides electrolyzers for producing hydrogen, along with hydrogen generation, liquefaction, storage, and delivery services.

Plug Power serves customers in material handling, transportation, power generation, and industrial markets.