Plug Power (NASDAQ:PLUG) Issues Earnings Results

Plug Power (NASDAQ:PLUG) issued its quarterly earnings results on Tuesday. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01), Briefing.com reports. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the previous year, the business earned ($0.47) EPS. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. Plug Power updated its FY 2024 guidance to EPS.

Plug Power Stock Performance

Shares of Plug Power stock opened at $1.97 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91. Plug Power has a 1 year low of $1.60 and a 1 year high of $5.14. The firm has a market cap of $1.73 billion, a PE ratio of -0.92 and a beta of 1.81. The company has a 50 day simple moving average of $2.07 and a two-hundred day simple moving average of $2.41.

Analyst Ratings Changes

Several analysts have issued reports on PLUG shares. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Wells Fargo & Company dropped their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday. Truist Financial cut their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Canaccord Genuity Group lowered their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday. Finally, Royal Bank of Canada cut their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.52.

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.