Research Analysts Issue Forecasts for Plug Power Q3 Earnings

Plug Power Inc. (NASDAQ:PLUG) – Research analysts at B. Riley issued their Q3 2024 earnings per share (EPS) estimates for shares of Plug Power in a research note issued to investors on Monday, November 4th. B. Riley analyst R. Pfingst expects that the electronics maker will post earnings per share of ($0.22) for the quarter. The consensus estimate for Plug Power’s current full-year earnings is ($1.16) per share. B. Riley also issued estimates for Plug Power’s Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($1.14) EPS, FY2025 earnings at ($0.52) EPS and FY2026 earnings at ($0.37) EPS.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period in the prior year, the business earned ($0.35) earnings per share. The company’s revenue for the quarter was down 44.9% on a year-over-year basis.

Several other research firms have also recently commented on PLUG. Susquehanna lowered their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Canaccord Genuity Group lowered their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Wells Fargo & Company lowered their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Craig Hallum reduced their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Royal Bank of Canada reduced their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.01.

Plug Power Trading Up 3.6 %

PLUG stock opened at $2.04 on Thursday. The business has a fifty day moving average price of $2.05 and a 200 day moving average price of $2.42. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $6.33. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -0.86 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.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently modified their holdings of PLUG. Vontobel Holding Ltd. boosted its stake in shares of Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after buying an additional 1,051,400 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings 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 last quarter. Gabelli Funds LLC boosted its holdings in shares of Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after buying an additional 75,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Plug Power by 25.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock worth $4,532,000 after buying an additional 400,120 shares in the last quarter. Finally, Diversified Trust Co bought a new position in shares of Plug Power during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.