Plug Power Inc. to Post Q1 2024 Earnings of ($0.36) Per Share, B. Riley Forecasts (NASDAQ:PLUG)

Plug Power Inc. (NASDAQ:PLUGFree Report) – Research analysts at B. Riley issued their Q1 2024 earnings estimates for Plug Power in a report released on Thursday, March 14th. B. Riley analyst C. Souther forecasts that the electronics maker will post earnings per share of ($0.36) for the quarter. B. Riley currently has a “Buy” rating and a $8.00 price target on the stock. The consensus estimate for Plug Power’s current full-year earnings is ($0.95) per share. B. Riley also issued estimates for Plug Power’s Q2 2024 earnings at ($0.26) EPS, Q3 2024 earnings at ($0.22) EPS and Q4 2024 earnings at ($0.18) EPS.

PLUG has been the topic of a number of other research reports. BMO Capital Markets lowered shares of Plug Power from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $3.50 to $2.50 in a research note on Wednesday, January 24th. UBS Group lowered shares of Plug Power from a “buy” rating to a “neutral” rating and set a $4.75 price objective on the stock. in a research note on Tuesday, February 6th. Canaccord Genuity Group dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, March 4th. Roth Capital upgraded shares of Plug Power from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 31st. Finally, Susquehanna dropped their price objective on shares of Plug Power from $4.50 to $3.50 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Plug Power has an average rating of “Hold” and a consensus price target of $6.20.

Check Out Our Latest Research Report on PLUG

Plug Power Stock Performance

NASDAQ PLUG opened at $3.25 on Monday. Plug Power has a one year low of $2.26 and a one year high of $13.44. The company’s 50 day moving average price is $3.70 and its 200 day moving average price is $5.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.86 and a current ratio of 1.85. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of -1.42 and a beta of 1.56.

Plug Power (NASDAQ:PLUGGet Free Report) last posted its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. The business had revenue of $222.20 million during the quarter, compared to analysts’ expectations of $234.21 million. During the same quarter in the previous year, the business posted ($0.38) EPS. The company’s quarterly revenue was up .7% on a year-over-year basis.

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of PLUG. Norges Bank acquired a new stake in Plug Power in the fourth quarter worth about $97,800,000. Morgan Stanley lifted its holdings in Plug Power by 87.2% in the third quarter. Morgan Stanley now owns 22,285,344 shares of the electronics maker’s stock worth $169,369,000 after purchasing an additional 10,378,912 shares during the period. Electron Capital Partners LLC acquired a new stake in Plug Power in the third quarter worth about $13,496,000. BlackRock Inc. raised its position in Plug Power by 3.0% in the first quarter. BlackRock Inc. now owns 52,381,858 shares of the electronics maker’s stock worth $613,915,000 after acquiring an additional 1,534,756 shares in the last quarter. Finally, UBS Group AG raised its position in Plug Power by 671.7% in the first quarter. UBS Group AG now owns 1,586,124 shares of the electronics maker’s stock worth $18,589,000 after acquiring an additional 1,380,583 shares in the last quarter. Institutional investors and hedge funds own 49.99% of the company’s stock.

Plug Power Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Plug Power (NASDAQ:PLUG)

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