Analysts Offer Insights on Technology Companies: Renesola (NYSE: SOL), Plug Power (NASDAQ: PLUG) and Pure Storage Inc (NYSE: PSTG)

By Jason Carr

Companies in the Technology sector have received a lot of coverage today as analysts weigh in on Renesola (NYSE: SOL), Plug Power (NASDAQ: PLUG) and Pure Storage Inc (NYSE: PSTG).

Renesola (NYSE: SOL)

Roth Capital analyst Philip Shen reiterated a Sell rating on Renesola (NYSE: SOL) yesterday and set a price target of $0.65. The company’s shares opened today at $0.72, close to its 52-week low of $0.65.

According to TipRanks.com, Shen is ranked 0 out of 5 stars with an average return of -18.7% and a 22.0% success rate. Shen covers the Technology sector, focusing on stocks such as SolarEdge Technologies, Maxwell Technologies, and Orion Energy Systems.

Renesola has an analyst consensus of Moderate Sell.

Plug Power (NASDAQ: PLUG)

Roth Capital analyst Craig Irwin reiterated a Hold rating on Plug Power (NASDAQ: PLUG) yesterday and set a price target of $1.40. The company’s shares opened today at $1.40.

Irwin commented:

“We look to turn constructive on improved visibility for Plug achieving EBITDA breakeven, where reinstatement of the ITC for 2017 will be essential. Potential remediation of the ITC remains an important catalyst. Management remains positive that an extension will happen by YE16 or early-2017 but acknowledges that becoming cash-flow positive could slip a year to 2018 if the supporting legislation is not renewed. Plug 3Q16 results were choppy on GAAP accounting. Plug posted 3Q16 Rev/adj-EPS/EBITDA of $17.6m/($0.05)/($3.6m) vs. our estimates at $37.8m/($0.03)/($3.2m) and the $34.8m/($0.05)/($3.9m) consensus. GAAP EPS was ($0.07) vs our ($0.05) estimate. Mgmt noted a $6m deal slipped into 4Q16. GAAP gross margins were 2.2%, vs. our 13.9% estimate on a heavy mix of PPA shipments. Adjusted gross margins were 17.7% compared to 16.1% in 2Q16.”

According to TipRanks.com, Irwin is ranked 0 out of 5 stars with an average return of -5.6% and a 38.3% success rate. Irwin covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp., Ballard Power Systems, and Amer. Superconductor.

Plug Power has an analyst consensus of Moderate Buy.

Pure Storage Inc (NYSE: PSTG)

In a report released today, Tim Long from BMO Capital reiterated a Hold rating on Pure Storage Inc (NYSE: PSTG), with a price target of $14. The company’s shares opened today at $14.40.

According to TipRanks.com, Long is a 4-star analyst with an average return of 4.5% and a 56.7% success rate. Long covers the Technology sector, focusing on stocks such as Comtech Telecommunications, Hewlett Packard Enterprise, and Riverbed Technology.

Pure Storage Inc has an analyst consensus of Moderate Buy, with a price target consensus of $16.33.