Plug Power (NASDAQ:PLUG) Releases Earnings Results, Misses Estimates By $0.01 EPS

Plug Power (NASDAQ:PLUG) released its quarterly earnings results on Tuesday. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01), Briefing.com reports. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the previous year, the company earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. Plug Power updated its FY 2024 guidance to EPS.

Plug Power Stock Performance

PLUG stock opened at $1.91 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The business’s fifty day simple moving average is $2.06 and its two-hundred day simple moving average is $2.41. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -0.81 and a beta of 1.81.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PLUG shares. Craig Hallum decreased their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group dropped their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Piper Sandler lowered their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Wells Fargo & Company lowered their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Royal Bank of Canada lowered their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.86.

About Plug Power

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.