B. Riley Issues Pessimistic Forecast for Plug Power Earnings

Plug Power Inc. (NASDAQ:PLUG) – Analysts at B. Riley dropped their FY2024 earnings per share estimates for shares of Plug Power in a research note issued to investors on Thursday, November 14th. B. Riley analyst R. Pfingst now anticipates that the electronics maker will post earnings of ($1.28) per share for the year, down from their previous estimate 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 issued 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the company earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis.

Several other equities research analysts have also recently weighed in on the company. Canaccord Genuity Group decreased their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Craig Hallum decreased their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday. Evercore ISI decreased their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Jefferies Financial Group cut their target price 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. Finally, HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Trading Down 5.1 %

Shares of PLUG stock opened at $1.87 on Monday. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -0.87 and a beta of 1.81. The stock has a 50-day moving average of $2.08 and a 200-day moving average of $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.

Institutional Trading of Plug Power

Several institutional investors and hedge funds have recently modified their holdings of PLUG. Geode Capital Management LLC raised its stake in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Swedbank AB purchased a new stake in shares of Plug Power during the first quarter valued at approximately $10,687,000. SG Americas Securities LLC increased its position in shares of Plug Power by 134.0% during the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after acquiring an additional 1,407,858 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after acquiring an additional 1,354,500 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its position in shares of Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after acquiring an additional 1,051,400 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.