Plug Power (PLUG) Upgraded to Buy at ValuEngine

Plug Power (NASDAQ:PLUG) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Saturday, March 30th, ValuEngine reports.

Several other equities analysts also recently commented on the stock. Roth Capital raised shares of Plug Power from a “sell” rating to a “neutral” rating and set a $1.30 target price on the stock in a research report on Wednesday, January 30th. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Plug Power in a report on Thursday, January 10th. BidaskClub upgraded shares of Plug Power from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 20th. B. Riley set a $4.00 target price on shares of Plug Power and gave the company a “buy” rating in a research note on Friday, March 8th. Finally, Zacks Investment Research cut shares of Plug Power from a “buy” rating to a “hold” rating in a research note on Friday, December 28th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $2.58.

NASDAQ:PLUG traded up $0.01 during trading hours on Friday, hitting $2.57. 2,323,413 shares of the stock traded hands, compared to its average volume of 5,219,307. Plug Power has a fifty-two week low of $0.99 and a fifty-two week high of $2.86. The company has a quick ratio of 0.74, a current ratio of 1.06 and a debt-to-equity ratio of 66.88. The company has a market cap of $600.96 million, a P/E ratio of -7.14 and a beta of 1.78.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Thursday, March 7th. The electronics maker reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). The company had revenue of $59.80 million during the quarter, compared to analyst estimates of $58.40 million. Plug Power had a negative return on equity of 289.96% and a negative net margin of 42.87%. The company’s revenue was up 77.4% compared to the same quarter last year. During the same period last year, the company posted ($0.08) earnings per share. Equities research analysts anticipate that Plug Power will post -0.24 earnings per share for the current year.

In other news, Director George C. Mcnamee purchased 100,000 shares of Plug Power stock in a transaction dated Monday, March 18th. The shares were bought at an average cost of $2.34 per share, with a total value of $234,000.00. Following the completion of the transaction, the director now directly owns 826,282 shares in the company, valued at approximately $1,933,499.88. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Andrew Marsh purchased 12,286 shares of Plug Power stock in a transaction dated Thursday, March 14th. The shares were purchased at an average cost of $2.44 per share, for a total transaction of $29,977.84. Following the completion of the transaction, the chief executive officer now owns 465,145 shares of the company’s stock, valued at $1,134,953.80. The disclosure for this purchase can be found here. Company insiders own 6.00% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Amalgamated Bank increased its stake in Plug Power by 154.8% in the 4th quarter. Amalgamated Bank now owns 32,671 shares of the electronics maker’s stock valued at $41,000 after buying an additional 19,851 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Plug Power by 27.4% during the 4th quarter. Legal & General Group Plc now owns 39,763 shares of the electronics maker’s stock worth $50,000 after purchasing an additional 8,556 shares during the last quarter. Advisor Group Inc. increased its stake in shares of Plug Power by 38.0% during the 4th quarter. Advisor Group Inc. now owns 53,000 shares of the electronics maker’s stock worth $66,000 after purchasing an additional 14,590 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Plug Power by 343.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock worth $91,000 after purchasing an additional 56,912 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Plug Power in the 3rd quarter valued at about $121,000. Hedge funds and other institutional investors own 26.78% of the company’s stock.

About Plug Power

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Plug Power (NASDAQ:PLUG)

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