Plug Power, Inc. (NASDAQ:PLUG) Stock Now Rated “Hold” by Wall Street Brokerages

Plug Power, Inc. (NASDAQ:PLUG) has earned an average recommendation of “Hold” from the seventeen ratings firms that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $3.59.

Several brokerages have weighed in on PLUG. Craig Hallum reiterated a “buy” rating on shares of Plug Power in a report on Tuesday, August 11th. Roth Capital reiterated a “buy” rating and issued a $5.00 price target (up from $3.50) on shares of Plug Power in a report on Wednesday, August 12th. Wall Street Zen cut shares of Plug Power from a “sell” rating to a “strong sell” rating in a research note on Saturday. Weiss Ratings downgraded Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Finally, Jefferies Financial Group raised Plug Power to a “hold” rating in a research report on Thursday, September 3rd.

Plug Power Price Performance

NASDAQ:PLUG opened at $1.89 on Tuesday. Plug Power has a 12-month low of $1.70 and a 12-month high of $4.58. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -1.50 and a beta of 2.28. The company’s 50-day moving average is $2.11 and its two-hundred day moving average is $2.60. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29.

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

Insider Buying and Selling

In other Plug Power news, insider Benjamin Haycraft sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $2.14, for a total value of $428,000.00. Following the completion of the transaction, the insider owned 101,249 shares in the company, valued at $216,672.86. This represents a 66.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 worth $496,178. Insiders own 1.37% of the company’s stock.

Institutional Trading of Plug Power

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

Plug Power Company Profile

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.