Plug Power (NASDAQ:PLUG) Posts Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Plug Power (NASDAQ:PLUG) posted its earnings results on Thursday. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06), Briefing.com reports. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The business had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. During the same quarter last year, the business posted ($0.35) earnings per share. The business’s revenue was down 44.9% compared to the same quarter last year. Plug Power updated its FY 2024 guidance to EPS.

Plug Power Stock Performance

PLUG stock traded down $0.11 during trading on Friday, hitting $1.97. 37,094,800 shares of the company’s stock traded hands, compared to its average volume of 45,062,500. The stock has a fifty day moving average price of $2.61 and a two-hundred day moving average price of $3.09. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -0.82 and a beta of 1.81. The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. Plug Power has a 52 week low of $1.93 and a 52 week high of $9.77.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday. Piper Sandler lowered their price target on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Susquehanna lowered their price target on shares of Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Friday, May 10th. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Tuesday, May 14th. Four equities research analysts have rated the stock with a sell rating, fifteen have given 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, Plug Power presently has an average rating of “Hold” and an average target price of $5.39.

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.