Plug Power Inc. (NASDAQ:PLUG) Forecasted to Post Q1 2024 Earnings of ($0.35) Per Share

Plug Power Inc. (NASDAQ:PLUG) – Equities researchers at B. Riley lifted their Q1 2024 EPS estimates for Plug Power in a research report issued on Tuesday, May 7th. B. Riley analyst C. Souther now forecasts that the electronics maker will post earnings of ($0.35) per share for the quarter, up from their prior forecast of ($0.36). B. Riley has a “Buy” rating and a $8.00 price target on the stock. The consensus estimate for Plug Power’s current full-year earnings is ($0.94) per share. B. Riley also issued estimates for Plug Power’s FY2024 earnings at ($1.00) EPS.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The business had revenue of $222.20 million during the quarter, compared to analysts’ expectations of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. Plug Power’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.38) earnings per share.

Other equities analysts have also recently issued reports about the stock. Redburn Atlantic began coverage on shares of Plug Power in a research note on Tuesday, February 6th. They set a “neutral” rating and a $4.50 price target on the stock. Seaport Res Ptn lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 6th. Citigroup downgraded shares of Plug Power from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.25 to $2.00 in a report on Friday, April 5th. Marathon Capitl reiterated an “equal weight” rating on shares of Plug Power in a report on Tuesday, March 26th. Finally, Susquehanna lowered their price objective on Plug Power from $4.50 to $3.50 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $6.05.

Plug Power Trading Up 9.9 %

Shares of PLUG stock opened at $2.77 on Friday. Plug Power has a twelve month low of $2.25 and a twelve month high of $13.44. The company has a market capitalization of $1.93 billion, a P/E ratio of -1.21 and a beta of 1.64. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $3.09 and its two-hundred day moving average is $3.87.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the business. HBK Sorce Advisory LLC acquired a new position in shares of Plug Power in the 1st quarter valued at about $37,000. State Board of Administration of Florida Retirement System boosted its stake in Plug Power by 5.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after acquiring an additional 33,311 shares during the period. Headlands Technologies LLC bought a new position in shares of Plug Power during the first quarter valued at approximately $154,000. 49 Wealth Management LLC acquired a new stake in shares of Plug Power during the 1st quarter worth approximately $56,000. Finally, Swiss National Bank boosted its position in Plug Power by 0.8% during the 1st quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock valued at $3,701,000 after purchasing an additional 8,300 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.