Plug Power FY2024 EPS Forecast Reduced by HC Wainwright

Plug Power Inc. (NASDAQ:PLUGFree Report) – Research analysts at HC Wainwright cut their FY2024 earnings per share estimates for Plug Power in a research note issued on Wednesday, November 13th. HC Wainwright analyst A. Dayal now anticipates that the electronics maker will earn ($1.36) per share for the year, down from their prior estimate of ($1.18). HC Wainwright currently has a “Buy” rating and a $18.00 target price 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:PLUGGet Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the company posted ($0.47) earnings per share.

PLUG has been the subject of a number of other research reports. Royal Bank of Canada reduced their target price 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. Jefferies Financial Group dropped their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday. Piper Sandler dropped their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday. Finally, Craig Hallum decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.52.

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Plug Power Price Performance

Shares of PLUG opened at $1.87 on Friday. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14. The company has a market capitalization of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. The firm has a 50 day moving average of $2.08 and a 200 day moving average of $2.40. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in 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 position in Plug Power in the 2nd quarter worth $26,000. SteelPeak Wealth LLC purchased a new stake in Plug Power in the 2nd quarter worth $26,000. Aire Advisors LLC bought a new stake in Plug Power during the second quarter valued at about $28,000. Finally, Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power in the second quarter valued at about $29,000. 43.48% of the stock is currently owned by institutional investors.

Plug Power Company Profile

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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.

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Earnings History and Estimates for Plug Power (NASDAQ:PLUG)

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