B. Riley Has Negative Outlook of Plug Power FY2024 Earnings

Plug Power Inc. (NASDAQ:PLUG) – Research analysts at B. Riley cut their FY2024 earnings per share estimates for shares of Plug Power in a research report issued to clients and investors on Thursday, November 14th. B. Riley analyst R. Pfingst now expects that the electronics maker will post earnings of ($1.28) per share for the year, down from their previous forecast of ($1.14). The consensus estimate for Plug Power’s current full-year earnings is ($1.20) per share. B. Riley also issued estimates for Plug Power’s Q4 2024 earnings at ($0.26) EPS, FY2025 earnings at ($0.63) EPS and FY2026 earnings at ($0.42) EPS.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.47) EPS.

Other analysts have also recently issued research reports about the company. Piper Sandler decreased their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Jefferies Financial Group dropped their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Canaccord Genuity Group decreased their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada dropped their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Plug Power has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Down 3.5 %

PLUG stock opened at $1.92 on Monday. The business has a fifty day moving average price of $2.08 and a 200 day moving average price of $2.40. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -0.90 and a beta of 1.81.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently bought and sold shares of PLUG. SteelPeak Wealth LLC acquired a new stake in shares of Plug Power during the second quarter worth about $26,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power in the second quarter valued at approximately $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power during the second quarter worth $28,000. Madison Park Capital Advisors LLC acquired a new stake in shares of Plug Power during the second quarter worth $29,000. Finally, Profund Advisors LLC bought a new stake in Plug Power in the 2nd quarter valued at $29,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.