Cowen and Company gave outperform rating to Plug Power stock

Cowen and Company reiterated their rating of outperform on Plug Power Inc. shares on Thursday in a research note. Currently, the company has $3.50 stock price target.
The analysts at Cowen & Capital said in a statement, “Management, noted that large shipments were made this quarter to several large customers like Wal-Mart and Kroger. 175 of the 419 GenDrive units shipped in the quarter went to a new customer…Management estimates that by the end of 2016 existing customer penetration should be around 25 percent to 30 percent, while new customer penetration will be around 6% to 7%.,”
Numerous analysts have also weighed on stock of Plug Power Inc. Roth Capital analysts assigned stock price target of $2.60 on company’s share and suggested a rating of Hold on Tuesday in a research note. Dougherty & Co. analysts also covered the stock and set Buy rating along with $3.70 target price on Plug Power stock. Lastly, FBR & Co. downgraded stock of the company to $6.50 from $8 and assigned outperform rating on the company’s stock on March 24.
Plug Power announced its 1QFY15 earnings on Monday 11th May. The company posted earnings of $0.07 per share for the quarter covering from January to March 2015 surpassing consensus estimate of 6 cents by 1 cent. The company also posted $9.40 million in revenue for the period as compared to $18.13 million estimated by analysts. Plug Power’s revenue for the quarter was up by 67.9% on year over year basis. On the whole, analysts expect the company will report 22 cents in earnings per share for fiscal year 2015.
Plug Power Inc. shares opened at $2.61 on Monday May 18 reached day high of $2.62 and closed at $2.58 after going red by 1.15%. The company’s share price is up by 3.88% to $2.68 during pre-market trading session today as of 7:22 AM EDT.
Regarding services of GenCare, the company had almost 5,500 GenDrive unit  and eight infrastructure sites of hydrogen  in the quarter service contract versus 3,000 GenDrive units and zero hydrogen infrastructure sites in the same quarter previous year.
The fuel cell maker has 1 year low and high of $2.32 and $6.47. The stock has 50 day and 200 day moving average of $2 and $3, respectively. Plug Power‘s has $452.59 million of market capitalization.
Plug Power Inc. manufactures and design fuel cell systems and provides alternative energy emphasized on development, design and manufacture and commercializing of fuel cell systems for the industry.