Rodman & Renshaw Reiterates Buy Rating for Plug Power, Inc. (NASDAQ:PLUG)

Rodman & Renshaw reiterated their buy rating on shares of Plug Power, Inc. (NASDAQ:PLUG) in a report issued on Monday, July 24th. The firm currently has a $4.00 target price on the electronics maker’s stock.

PLUG has been the topic of several other reports. FBR & Co set a $3.00 target price on Plug Power and gave the stock an outperform rating in a research note on Wednesday, May 10th. Zacks Investment Research cut Plug Power from a hold rating to a strong sell rating in a research note on Wednesday, July 12th. ValuEngine raised Plug Power from a sell rating to a hold rating in a research note on Friday, July 7th. HC Wainwright set a $4.00 target price on Plug Power and gave the stock a buy rating in a research note on Thursday, April 6th. Finally, Roth Capital cut Plug Power from a neutral rating to a sell rating and cut their target price for the stock from $2.25 to $1.30 in a research note on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $2.83.

Shares of Plug Power (NASDAQ PLUG) traded up 3.92% during mid-day trading on Monday, reaching $2.12. The company’s stock had a trading volume of 2,800,134 shares. The firm’s market cap is $476.43 million. The firm has a 50 day moving average price of $2.15 and a 200 day moving average price of $1.81. Plug Power has a 52-week low of $0.83 and a 52-week high of $2.70.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. The company had revenue of $22.60 million during the quarter, compared to analysts’ expectations of $28.58 million. Plug Power had a negative return on equity of 86.35% and a negative net margin of 112.95%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.04) EPS. On average, equities analysts predict that Plug Power will post ($0.32) EPS for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC raised its position in Plug Power by 160.9% in the first quarter. Private Advisor Group LLC now owns 51,318 shares of the electronics maker’s stock valued at $115,000 after buying an additional 31,646 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in Plug Power during the fourth quarter valued at about $12,264,000. State Street Corp raised its position in Plug Power by 7.2% in the fourth quarter. State Street Corp now owns 2,984,022 shares of the electronics maker’s stock valued at $3,578,000 after buying an additional 199,300 shares during the last quarter. Asset Management One Co. Ltd. raised its position in Plug Power by 34.4% in the first quarter. Asset Management One Co. Ltd. now owns 286,299 shares of the electronics maker’s stock valued at $395,000 after buying an additional 73,274 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Plug Power by 14.1% in the first quarter. Bank of New York Mellon Corp now owns 783,035 shares of the electronics maker’s stock valued at $1,080,000 after buying an additional 96,793 shares during the last quarter. Hedge funds and other institutional investors own 17.86% of the company’s stock.

About Plug Power

Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.

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