ValuEngine Lowers Plug Power (PLUG) to Hold

ValuEngine downgraded shares of Plug Power (NASDAQ:PLUG) from a buy rating to a hold rating in a research note released on Thursday morning.

A number of other research firms also recently weighed in on PLUG. CIBC initiated coverage on Plug Power in a research note on Thursday, August 23rd. They issued an outperform rating and a $2.50 price target for the company. HC Wainwright set a $4.00 price target on Plug Power and gave the company a buy rating in a research note on Tuesday, October 16th. Cowen set a $3.00 price target on Plug Power and gave the company a buy rating in a research note on Tuesday, October 16th. BidaskClub downgraded Plug Power from a buy rating to a hold rating in a research note on Saturday, July 28th. Finally, B. Riley set a $4.00 price target on Plug Power and gave the company a buy rating in a research note on Wednesday, August 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $3.29.

PLUG stock traded up $0.01 during mid-day trading on Thursday, reaching $1.90. The company had a trading volume of 1,074,650 shares, compared to its average volume of 2,328,168. The company has a debt-to-equity ratio of 4.16, a quick ratio of 0.69 and a current ratio of 1.07. Plug Power has a 52 week low of $1.53 and a 52 week high of $3.21.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Thursday, August 9th. The electronics maker reported ($0.12) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.03). The company had revenue of $39.93 million during the quarter, compared to the consensus estimate of $40.52 million. Plug Power had a negative net margin of 66.16% and a negative return on equity of 108.78%. The firm’s revenue for the quarter was up 76.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) earnings per share. Equities research analysts forecast that Plug Power will post -0.35 EPS 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 that occurred on Monday, October 15th. The stock was sold at an average price of $1.86, for a total value of $186,000.00. Following the completion of the sale, the insider now directly owns 110,519 shares of the company’s stock, valued at $205,565.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory B. Graves sold 31,343 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $1.73, for a total value of $54,223.39. Following the completion of the sale, the director now directly owns 43,296 shares of the company’s stock, valued at $74,902.08. The disclosure for this sale can be found here. Company insiders own 5.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Alps Advisors Inc. lifted its holdings in Plug Power by 387.8% during the 3rd quarter. Alps Advisors Inc. now owns 90,509 shares of the electronics maker’s stock worth $174,000 after purchasing an additional 71,955 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in Plug Power by 2.2% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 4,600,000 shares of the electronics maker’s stock worth $8,832,000 after purchasing an additional 100,000 shares during the last quarter. Odey Asset Management Group Ltd lifted its holdings in Plug Power by 90.3% during the 2nd quarter. Odey Asset Management Group Ltd now owns 4,910,000 shares of the electronics maker’s stock worth $9,918,000 after purchasing an additional 2,330,000 shares during the last quarter. Nomura Holdings Inc. lifted its holdings in Plug Power by 67.2% during the 2nd quarter. Nomura Holdings Inc. now owns 369,608 shares of the electronics maker’s stock worth $747,000 after purchasing an additional 148,511 shares during the last quarter. Finally, Global X Management Co LLC acquired a new stake in Plug Power during the 2nd quarter worth approximately $266,000. 30.49% of the stock is owned by institutional investors.

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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