A number of other equities research analysts have also recently weighed in on the company. ValuEngine cut Plug Power from a buy rating to a hold rating in a report on Thursday, November 1st. Cowen set a $3.00 price target on Plug Power and gave the stock a buy rating in a report on Tuesday, October 16th. Zacks Investment Research upgraded Plug Power from a hold rating to a buy rating and set a $2.00 price target on the stock in a report on Tuesday, October 16th. BidaskClub upgraded Plug Power from a strong sell rating to a sell rating in a report on Tuesday, October 16th. Finally, CIBC initiated coverage on Plug Power in a report on Thursday, August 23rd. They set an outperform rating and a $2.50 target price on the stock. One equities research 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. Plug Power currently has an average rating of Buy and a consensus target price of $3.29.
Shares of PLUG traded down $0.07 on Friday, reaching $1.87. The stock had a trading volume of 2,939,216 shares, compared to its average volume of 2,178,950. 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 twelve month low of $1.53 and a twelve month high of $2.62.
Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, November 8th. The electronics maker reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $55.30 million for the quarter, compared to analysts’ expectations of $50.44 million. Plug Power had a negative return on equity of 108.78% and a negative net margin of 66.16%. The company’s revenue was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.06) EPS. On average, equities analysts expect that Plug Power will post -0.35 EPS for the current year.
In other Plug Power news, Director Gregory B. Graves sold 31,343 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $1.73, for a total transaction of $54,223.39. Following the sale, the director now owns 43,296 shares in the company, valued at approximately $74,902.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gerard L. Conway, Jr. sold 100,000 shares of the stock in a transaction on 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 owns 110,519 shares in the company, valued at approximately $205,565.34. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the business. Northern Trust Corp grew its holdings in Plug Power by 1.3% during the 1st quarter. Northern Trust Corp now owns 2,649,873 shares of the electronics maker’s stock valued at $5,008,000 after buying an additional 33,445 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in Plug Power by 183.4% during 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 during the last quarter. Alps Advisors Inc. grew 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 valued at $174,000 after buying an additional 71,955 shares during the last quarter. UBS Group AG grew its holdings in Plug Power by 122.6% during the 1st quarter. UBS Group AG now owns 150,221 shares of the electronics maker’s stock valued at $284,000 after buying an additional 82,741 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew 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 valued at $8,832,000 after buying an additional 100,000 shares during the last quarter. Hedge funds and other institutional investors own 30.51% of the company’s stock.
About Plug Power
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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