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

Plug Power (NASDAQ:PLUGGet Free Report) released its earnings results on Tuesday. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01), Briefing.com reports. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the business posted ($0.47) earnings per share. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. Plug Power updated its FY 2024 guidance to EPS.

Plug Power Price Performance

PLUG opened at $1.91 on Wednesday. The company has a 50 day moving average of $2.06 and a two-hundred day moving average of $2.41. Plug Power has a 52-week low of $1.60 and a 52-week high of $5.14. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.68 billion, a P/E ratio of -0.81 and a beta of 1.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PLUG shares. Susquehanna cut their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Craig Hallum reduced their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Wells Fargo & Company dropped their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Canaccord Genuity Group cut their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group dropped their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.85.

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About Plug Power

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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 for Plug Power (NASDAQ:PLUG)

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