Plug Power (PLUG) Now Covered by Canaccord Genuity

Canaccord Genuity started coverage on shares of Plug Power (NASDAQ:PLUG) in a report published on Friday morning, MarketBeat reports. The firm issued a buy rating and a $5.00 price objective on the electronics maker’s stock.

Other equities analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Plug Power from a hold rating to a sell rating in a research report on Tuesday, September 26th. HC Wainwright restated a buy rating and set a $4.00 target price on shares of Plug Power in a research report on Thursday, November 9th. B. Riley restated a buy rating on shares of Plug Power in a research report on Wednesday, November 1st. Cowen restated a buy rating and set a $3.00 target price on shares of Plug Power in a research report on Sunday, September 17th. Finally, FBR & Co restated a buy rating on shares of Plug Power in a research report on Tuesday, October 31st. Four analysts have rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $3.23.

Plug Power (NASDAQ PLUG) opened at $2.36 on Friday. Plug Power has a 12-month low of $0.83 and a 12-month high of $3.21. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 1.29.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.04). The business had revenue of $61.43 million during the quarter, compared to analyst estimates of $54.57 million. Plug Power had a negative net margin of 96.27% and a negative return on equity of 83.93%. The company’s revenue was up 249.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 earnings per share. research analysts expect that Plug Power will post -0.51 EPS for the current fiscal year.

In related news, Director George C. Mcnamee bought 200,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was purchased at an average price of $2.20 per share, for a total transaction of $440,000.00. Following the completion of the transaction, the director now owns 486,131 shares in the company, valued at $1,069,488.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.90% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Swiss National Bank raised its stake in Plug Power by 15.3% during the second quarter. Swiss National Bank now owns 325,200 shares of the electronics maker’s stock valued at $663,000 after purchasing an additional 43,100 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Plug Power by 58.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock valued at $2,484,000 after purchasing an additional 448,639 shares in the last quarter. Brighton Jones LLC purchased a new stake in Plug Power during the second quarter valued at $102,000. Geode Capital Management LLC raised its stake in Plug Power by 30.4% during the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock valued at $2,415,000 after purchasing an additional 407,653 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in Plug Power by 14.0% during the second quarter. TIAA CREF Investment Management LLC now owns 851,166 shares of the electronics maker’s stock valued at $1,736,000 after purchasing an additional 104,319 shares in the last quarter. 24.43% of the stock is currently owned by institutional investors.

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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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