FY2024 EPS Estimates for Plug Power Cut by HC Wainwright

Plug Power Inc. (NASDAQ:PLUG - Free Report) - Analysts at HC Wainwright reduced their FY2024 earnings estimates for shares of Plug Power in a research note issued to investors on Wednesday, November 13th. HC Wainwright analyst A. Dayal now forecasts that the electronics maker will post earnings per share of ($1.36) for the year, down from their previous estimate of ($1.18). HC Wainwright has a "Buy" rating and a $18.00 price target on the stock. The consensus estimate for Plug Power's current full-year earnings is ($1.16) per share. HC Wainwright also issued estimates for Plug Power's Q4 2024 earnings at ($0.29) EPS, FY2025 earnings at ($0.49) EPS, FY2026 earnings at ($0.39) EPS, FY2027 earnings at ($0.21) EPS and FY2028 earnings at $0.11 EPS.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings data 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). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the firm posted ($0.47) earnings per share. The business's revenue for the quarter was down 12.6% compared to the same quarter last year.

PLUG has been the subject of a number of other reports. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a "hold" rating for the company in a research report on Thursday, October 3rd. Susquehanna dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a "neutral" rating for the company in a research report on Monday, August 12th. 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 report on Wednesday. Truist Financial reduced their target price on Plug Power from $3.00 to $2.00 and set a "hold" rating on the stock in a research note on Monday, August 12th. Finally, Royal Bank of Canada cut their price objective on Plug Power from $3.50 to $2.50 and set a "sector perform" rating for the company in a report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $4.52.

Plug Power Price Performance

Shares of Plug Power stock traded down $0.10 on Friday, reaching $1.87. The stock had a trading volume of 59,276,267 shares, compared to its average volume of 41,205,961. The business's 50 day moving average is $2.08 and its two-hundred day moving average is $2.40. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. Plug Power has a 1 year low of $1.60 and a 1 year high of $5.14. The company has a market cap of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81.

Institutional Trading of Plug Power

A number of hedge funds have recently modified their holdings of PLUG. HBK Sorce Advisory LLC bought a new position in shares of Plug Power in the first quarter worth approximately $37,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Plug Power in the 2nd quarter worth $26,000. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the second quarter worth $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power during the 2nd quarter valued at about $28,000. Finally, Madison Park Capital Advisors LLC bought a new position in shares of Plug Power in the 2nd quarter worth approximately $29,000. Institutional investors own 43.48% of the company's stock.

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.