What is B. Riley’s Forecast for Plug Power FY2024 Earnings?

Plug Power Inc. (NASDAQ:PLUG) – Investment analysts at B. Riley upped their FY2024 EPS estimates for Plug Power in a note issued to investors on Thursday, February 27th. B. Riley analyst R. Pfingst now expects that the electronics maker will earn ($1.27) per share for the year, up from their prior forecast of ($1.28). The consensus estimate for Plug Power’s current full-year earnings is ($1.21) per share. B. Riley also issued estimates for Plug Power’s Q4 2024 earnings at ($0.25) EPS, FY2025 earnings at ($0.60) EPS and FY2026 earnings at ($0.41) EPS.

Other equities research analysts have also recently issued reports about the stock. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Wells Fargo & Company cut their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Susquehanna raised their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Finally, Canaccord Genuity Group cut their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Five analysts have rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and an average price target of $4.12.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $1.62 on Monday. The firm has a 50-day simple moving average of $2.09 and a 200-day simple moving average of $2.11. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -0.76 and a beta of 1.79. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power has a 52 week low of $1.37 and a 52 week high of $4.90.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently made changes to their positions in the stock. Nations Financial Group Inc. IA ADV boosted its stake in shares of Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 4,700 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after purchasing an additional 5,348 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Plug Power by 0.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares during the period. Compagnie Lombard Odier SCmA boosted its stake in shares of Plug Power by 12.8% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock valued at $104,000 after purchasing an additional 5,550 shares during the period. Finally, Catalyst Capital Advisors LLC boosted its stake in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the period. 43.48% of the stock is currently 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.