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

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

Plug Power Stock Performance

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

Analyst Upgrades and Downgrades

Several research analysts have commented on PLUG shares. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Wells Fargo & Company reduced their target price 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. Craig Hallum lowered their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday. Piper Sandler reduced their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday. Finally, Truist Financial lowered their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price 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.