Plug Power (NASDAQ:PLUG) Rating Increased to Hold at Jefferies Financial Group

Key Points

• Jefferies upgraded Plug Power to “Hold,” while the broader analyst consensus remains “Hold,” with an average price target of $3.59. Recent ratings have been mixed, ranging from “Strong Buy” to “Sell.”
• Plug Power reported quarterly revenue of $178.3 million, exceeding estimates of $169.11 million, and an adjusted loss of $0.07 per share versus expectations of $0.08; revenue increased 2.5% year over year.
• The stock opened at $2.11, with a 12-month range of $1.41 to $4.58, while institutional investors own 43.48% of the company and major holders BlackRock and Vanguard recently increased their positions.

Plug Power (NASDAQ:PLUG - Get Free Report) was upgraded by equities research analysts at Jefferies Financial Group to a "hold" rating in a report released on Thursday, Zacks reports.

PLUG has been the topic of several other research reports. Wall Street Zen cut Plug Power from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Susquehanna decreased their price target on shares of Plug Power from $3.75 to $2.50 and set a "neutral" rating for the company in a report on Friday, July 10th. Weiss Ratings downgraded shares of Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. Morgan Stanley boosted their price objective on shares of Plug Power from $1.50 to $1.65 and gave the company an "underweight" rating in a research report on Thursday, July 9th. Finally, B. Riley Financial upped their price objective on shares of Plug Power from $3.00 to $5.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $3.59.

Plug Power Price Performance

PLUG opened at $2.11 on Thursday. The firm has a market capitalization of $2.95 billion, a P/E ratio of -1.67 and a beta of 2.21. The stock has a fifty day moving average of $2.25 and a 200-day moving average of $2.60. The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29. Plug Power has a 12-month low of $1.41 and a 12-month high of $4.58.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. The business had revenue of $178.30 million for the quarter, compared to the consensus estimate of $169.11 million. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The company's quarterly revenue was up 2.5% compared to the same quarter last year. Equities analysts forecast that Plug Power will post -0.26 EPS for the current fiscal year.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in shares of Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker's stock valued at $498,728,000 after purchasing an additional 31,939,194 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Plug Power by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker's stock worth $255,311,000 after purchasing an additional 19,967,339 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Plug Power during the 2nd quarter worth about $4,779,000. Russell Investments Group Ltd. boosted its stake in Plug Power by 553.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 710,470 shares of the electronics maker's stock valued at $1,925,000 after purchasing an additional 601,816 shares during the period. Finally, California State Teachers Retirement System boosted its stake in Plug Power by 45.6% during the 1st quarter. California State Teachers Retirement System now owns 1,560,305 shares of the electronics maker's stock valued at $3,526,000 after purchasing an additional 488,883 shares during the period. 43.48% of the stock is owned by institutional investors.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.

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