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

Plug Power (NASDAQ:PLUG - Get Free Report) released its quarterly earnings results on Tuesday. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01), Briefing.com reports. The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 47.36% 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 period in the previous year, the company posted ($0.47) EPS. Plug Power updated its FY 2024 guidance to EPS.

Plug Power Trading Up 3.1 %

Plug Power stock traded up $0.06 during trading hours on Wednesday, reaching $1.97. The stock had a trading volume of 63,808,555 shares, compared to its average volume of 40,904,215. The company has a fifty day simple moving average of $2.06 and a 200-day simple moving average of $2.41. Plug Power has a 52 week low of $1.60 and a 52 week high of $5.14. The stock has a market cap of $1.73 billion, a PE ratio of -0.95 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Craig Hallum decreased their target price on Plug Power from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Truist Financial cut their price target on shares of Plug Power from $3.00 to $2.00 and set a "hold" rating for the company in a research note on Monday, August 12th. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a "neutral" rating on the stock in a research report on Monday, August 12th. Piper Sandler cut their target price on shares of Plug Power from $2.50 to $2.40 and set an "underweight" rating for the company in a research report on Monday, July 22nd. Finally, Canaccord Genuity Group lowered their price target on Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $4.75.

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.