Plug Power (NASDAQ:PLUG) Rating Lowered to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Plug Power to “Strong Sell” from “Sell,” while the broader analyst consensus remains “Hold” with a $3.59 target price.
• Plug Power reported a quarterly loss of $0.07 per share, narrowly beating estimates, and revenue of $178.3 million, up 2.5% year over year; however, it continues to post deeply negative profitability metrics.
• The stock opened at $1.90, near its 52-week low of $1.70, while an insider sold 200,000 shares worth $428,000 under a pre-arranged trading plan.

Plug Power (NASDAQ:PLUG - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other equities analysts have also issued reports on the company. Oppenheimer restated a "market perform" rating on shares of Plug Power in a research report on Tuesday, August 11th. Susquehanna lowered their price objective on Plug Power from $3.75 to $2.50 and set a "neutral" rating for the company in a research report on Friday, July 10th. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of Plug Power in a research note on Tuesday. Weiss Ratings cut shares of Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 28th. Finally, UBS Group reaffirmed a "buy" rating and issued a $5.00 target price on shares of Plug Power in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Plug Power currently has an average rating of "Hold" and a consensus target price of $3.59.

Plug Power Price Performance

Shares of NASDAQ:PLUG opened at $1.90 on Friday. The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29. The stock has a market cap of $2.65 billion, a PE ratio of -1.51 and a beta of 2.28. The company's fifty day moving average is $2.11 and its 200 day moving average is $2.60. Plug Power has a 52 week low of $1.70 and a 52 week high of $4.58.

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

Insider Buying and Selling

In other Plug Power news, insider Benjamin Haycraft sold 200,000 shares of the 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 sale, the insider owned 101,249 shares in the company, valued at approximately $216,672.86. This trade represents a 66.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 232,560 shares of company stock worth $496,178. Corporate insiders own 1.37% of the company's stock.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC raised its position in shares of Plug Power by 11.8% in the 1st quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker's stock worth $97,000 after purchasing an additional 4,525 shares during the last quarter. Earned Wealth Advisors LLC grew its position in Plug Power by 12.6% during the 1st quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker's stock valued at $100,000 after purchasing an additional 4,923 shares during the last quarter. GTS Securities LLC increased its stake in Plug Power by 18.9% during the 2nd quarter. GTS Securities LLC now owns 32,330 shares of the electronics maker's stock valued at $88,000 after purchasing an additional 5,135 shares in the last quarter. Abel Hall LLC increased its stake in Plug Power by 9.2% during the 1st quarter. Abel Hall LLC now owns 62,213 shares of the electronics maker's stock valued at $141,000 after purchasing an additional 5,223 shares in the last quarter. Finally, Wealthfront Advisers LLC raised its holdings in Plug Power by 8.2% in the first quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker's stock worth $158,000 after buying an additional 5,283 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.

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