Q2 2024 EPS Estimates for Plug Power Inc. Increased by B. Riley (NASDAQ:PLUG)

Plug Power Inc. (NASDAQ:PLUG) – Research analysts at B. Riley increased their Q2 2024 EPS estimates for shares of Plug Power in a research note issued on Wednesday, July 31st. B. Riley analyst R. Pfingst now anticipates that the electronics maker will earn ($0.28) per share for the quarter, up from their previous estimate of ($0.30). B. Riley currently has a “Strong-Buy” rating on the stock. The consensus estimate for Plug Power’s current full-year earnings is ($1.10) per share. B. Riley also issued estimates for Plug Power’s Q3 2024 earnings at ($0.18) EPS, Q4 2024 earnings at ($0.14) EPS, FY2024 earnings at ($0.98) EPS, FY2025 earnings at ($0.45) EPS and FY2026 earnings at ($0.35) EPS.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.11). The business had revenue of $120.26 million during the quarter, compared to analysts’ expectations of $162.92 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%.

A number of other equities research analysts also recently commented on PLUG. Piper Sandler dropped their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Tuesday, May 14th. TD Cowen decreased their price target on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday, May 10th. Canaccord Genuity Group dropped their price objective on Plug Power from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Monday, May 13th. Finally, Susquehanna decreased their target price on Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.48.

Plug Power Stock Down 6.9 %

Shares of NASDAQ:PLUG opened at $2.16 on Friday. Plug Power has a fifty-two week low of $2.14 and a fifty-two week high of $11.97. The firm’s 50 day moving average price is $2.73 and its 200 day moving average price is $3.11. The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -0.90 and a beta of 1.81.

Insider Transactions at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of Plug Power stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the transaction, the director now directly owns 639,572 shares in the company, valued at approximately $1,637,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently bought and sold shares of PLUG. Independent Advisor Alliance purchased a new position in shares of Plug Power during the 4th quarter worth approximately $45,000. Mosley Wealth Management purchased a new position in Plug Power in the 1st quarter valued at approximately $35,000. J.W. Cole Advisors Inc. purchased a new position in Plug Power in the 1st quarter valued at approximately $36,000. HighPoint Advisor Group LLC purchased a new position in Plug Power in the 4th quarter valued at approximately $48,000. Finally, HBK Sorce Advisory LLC purchased a new position in Plug Power in the 1st quarter valued at approximately $37,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.