Plug Power (NASDAQ:PLUG) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Plug Power (NASDAQ:PLUG) from a hold rating to a buy rating in a report issued on Wednesday morning, BidAskClub reports.

Several other research analysts have also recently commented on the company. Zacks Investment Research raised Plug Power from a sell rating to a hold rating in a research report on Thursday, August 8th. HC Wainwright reissued a buy rating and set a $4.00 price target on shares of Plug Power in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $2.96.

Shares of NASDAQ PLUG opened at $2.80 on Wednesday. The stock has a 50 day moving average price of $2.25 and a 200 day moving average price of $2.36. Plug Power has a 52 week low of $0.99 and a 52 week high of $2.94. The company has a debt-to-equity ratio of 66.88, a current ratio of 1.49 and a quick ratio of 0.78.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, August 6th. The electronics maker reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.02. Plug Power had a negative return on equity of 6,435.09% and a negative net margin of 44.51%. The firm had revenue of $57.07 million during the quarter, compared to analysts’ expectations of $52.47 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The business’s quarterly revenue was up 62.0% compared to the same quarter last year. As a group, sell-side analysts predict that Plug Power will post -0.36 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of PLUG. KAMES CAPITAL plc acquired a new position in Plug Power during the second quarter valued at approximately $10,731,000. Nuveen Asset Management LLC acquired a new stake in shares of Plug Power in the second quarter valued at approximately $2,800,000. Vanguard Group Inc. lifted its position in shares of Plug Power by 8.1% in the second quarter. Vanguard Group Inc. now owns 12,247,704 shares of the electronics maker’s stock valued at $27,557,000 after buying an additional 922,937 shares during the last quarter. Invesco Ltd. lifted its position in shares of Plug Power by 56.6% in the second quarter. Invesco Ltd. now owns 2,316,548 shares of the electronics maker’s stock valued at $5,212,000 after buying an additional 836,970 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Plug Power in the second quarter valued at approximately $666,000. 32.15% of the stock is owned by hedge funds and other institutional investors.

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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