Plug Power (NASDAQ:PLUG) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Plug Power (NASDAQ:PLUG) released its earnings results on Monday. The electronics maker reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01, FiscalAI reports. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. The business had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $169.11 million.

Plug Power Price Performance

Shares of NASDAQ:PLUG traded down $0.07 during midday trading on Monday, hitting $2.11. The company had a trading volume of 118,364,012 shares, compared to its average volume of 77,766,680. Plug Power has a twelve month low of $1.41 and a twelve month high of $4.58. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of -1.60 and a beta of 2.20. The business’s 50-day simple moving average is $2.56 and its 200-day simple moving average is $2.60.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp increased its stake in shares of Plug Power by 29.9% in the 4th quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock worth $63,549,000 after acquiring an additional 7,416,943 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Plug Power by 12.4% during the 4th quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock valued at $61,611,000 after acquiring an additional 3,456,323 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Plug Power by 4.2% in the third quarter. Legal & General Group Plc now owns 17,695,077 shares of the electronics maker’s stock valued at $41,230,000 after purchasing an additional 714,212 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Plug Power in the fourth quarter valued at about $27,684,000. Finally, Charles Schwab Investment Management Inc. increased its position in Plug Power by 15.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,986,091 shares of the electronics maker’s stock worth $21,643,000 after purchasing an additional 1,460,745 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PLUG has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their target price on Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a report on Tuesday, May 12th. TD Cowen increased their price objective on Plug Power from $2.00 to $3.00 and gave the company a “hold” rating in a research note on Tuesday, May 12th. BMO Capital Markets lifted their target price on shares of Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research note on Tuesday, May 12th. Wells Fargo & Company upped their target price on shares of Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Finally, Morgan Stanley increased their target price on shares of Plug Power from $1.50 to $1.65 and gave the company an “underweight” rating in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $3.30.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.