Plug Power (NASDAQ:PLUG) Announces Earnings Results, Misses Estimates By $0.06 EPS

Plug Power (NASDAQ:PLUG) issued its quarterly earnings data on Thursday. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06), Briefing.com reports. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The business had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same quarter last year, the firm earned ($0.35) EPS. Plug Power’s revenue for the quarter was down 44.9% compared to the same quarter last year. Plug Power updated its FY 2024 guidance to EPS.

Plug Power Stock Performance

Shares of PLUG stock traded down $0.11 on Friday, hitting $1.97. 37,094,800 shares of the stock were exchanged, compared to its average volume of 45,062,500. The firm’s 50 day moving average is $2.61 and its two-hundred day moving average is $3.09. Plug Power has a one year low of $1.93 and a one year high of $9.77. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $1.46 billion, a PE ratio of -0.82 and a beta of 1.81.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. TD Cowen dropped their price target on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Piper Sandler dropped their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Morgan Stanley reduced their price target on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a research report on Friday, May 10th. Canaccord Genuity Group lowered their price objective on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Monday, May 13th. Finally, B. Riley upgraded Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.39.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.