B. Riley Has Negative Outlook for Plug Power FY2024 Earnings

Plug Power Inc. (NASDAQ:PLUG) – Equities researchers at B. Riley reduced their FY2024 earnings per share estimates for Plug Power in a note issued to investors on Thursday, November 14th. B. Riley analyst R. Pfingst now anticipates that the electronics maker will earn ($1.28) per share for the year, down from their previous forecast 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 released 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). The firm had revenue of $173.70 million during 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%. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.47) earnings per share.

Other research analysts also recently issued reports about the company. Susquehanna cut their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Jefferies Financial Group dropped their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada decreased their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Truist Financial dropped their price objective on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Finally, Piper Sandler decreased their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Performance

Shares of PLUG opened at $1.99 on Monday. Plug Power has a 1 year low of $1.60 and a 1 year high of $5.14. The company’s 50 day simple moving average is $2.08 and its 200 day simple moving average is $2.40. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -0.93 and a beta of 1.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew 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 valued at $43,388,000 after buying an additional 3,662,456 shares in the last quarter. Swedbank AB acquired a new stake in Plug Power in the first quarter valued at approximately $10,687,000. SG Americas Securities LLC raised its stake 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 purchasing an additional 1,407,858 shares during the period. Charles Schwab Investment Management Inc. raised its stake 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 purchasing an additional 1,354,500 shares during the period. Finally, Vontobel Holding Ltd. lifted 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 worth $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. 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.