Analysts Set Expectations for Plug Power FY2024 Earnings

Plug Power Inc. (NASDAQ:PLUG) – Investment analysts at Roth Capital lifted their FY2024 earnings per share estimates for Plug Power in a research report issued on Tuesday, November 12th. Roth Capital analyst C. Irwin now expects that the electronics maker will post earnings per share of ($1.27) for the year, up from their prior estimate of ($1.28). The consensus estimate for Plug Power’s current full-year earnings is ($1.16) per share. Roth Capital also issued estimates for Plug Power’s Q4 2024 earnings at ($0.24) EPS, Q4 2025 earnings at ($0.08) EPS and FY2025 earnings at ($0.60) EPS.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s quarterly revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.47) EPS.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group dropped their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday. Jefferies Financial Group reduced their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Evercore ISI dropped their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Susquehanna reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

Shares of NASDAQ:PLUG 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 12 month low of $1.60 and a 12 month high of $5.14. The stock’s 50 day moving average price is $2.07 and its 200 day moving average price is $2.41.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vontobel Holding Ltd. increased its holdings in Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after buying an additional 1,051,400 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Plug Power by 5.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after purchasing an additional 33,311 shares during the last quarter. Gabelli Funds LLC raised its holdings in shares of Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock valued at $860,000 after purchasing an additional 75,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Plug Power by 25.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after purchasing an additional 400,120 shares during the last quarter. Finally, Diversified Trust Co bought a new stake in Plug Power in the second quarter worth $35,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.