Plug Power (NASDAQ:PLUG – Free Report) announced its earnings on Thursday. The electronics maker reported earnings per share ($0.36) for the quarter, missing the consensus estimate of ($0.30) by ($0.06), Briefing.com reports. The company had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The company’s revenue for the quarter decreased 44.9% year-over-year. In the same quarter last year, the company generated earnings per share ($0.35). Plug Power has updated its fiscal 2024 earnings per share forecast.
Development of Plug Power shares
PLUG shares opened at $1.97 on Friday. The stock’s 50-day moving average is $2.61 and its 200-day moving average is $3.09. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -0.82 and a beta of 1.81. Plug Power has a 12-month low of $1.93 and a 12-month high of $9.77. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17.
Changes in analyst ratings
Several equities analysts have issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Tuesday, May 14. B. Riley upgraded their “strong buy” rating on shares of Plug Power in a report on Tuesday, June 25. Canaccord Genuity Group decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Monday, May 13. Susquehanna decreased their price target on shares of Plug Power from $3.50 to $3.00 and set a “neutral” rating in a research report on Friday, May 10. Finally, TD Cowen decreased their price target on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, May 10. Four investment analysts have rated the stock with a “sell,” fifteen have rated it with a “hold,” seven have rated it with a “buy” and one has rated it with a “strong buy.” According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.39.
Check out our latest stock report on PLUG
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-powered proton exchange membrane (PEM) fuel cell system that powers electric industrial trucks; GenSure, a stationary fuel cell solution that provides modular PEM fuel cell power to support the backup power and grid support requirements of the telecommunications, transportation and utility sectors; ProGen, a fuel cell stack and motor technology used in mobility and stationary fuel cell systems and as motors in electric delivery trucks; GenFuel, a system for the delivery, generation, storage and dispensing of liquid hydrogen; 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, a complete integrated solution for the transition to fuel cell power.
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