Plug Power Inc. (NASDAQ:PLUG) Expected to Earn Q3 2024 Earnings of ($0.21) Per Share

Plug Power Inc. (NASDAQ:PLUG) – Analysts at Seaport Res Ptn boosted their Q3 2024 earnings estimates for shares of Plug Power in a report issued on Wednesday, September 25th. Seaport Res Ptn analyst T. Curran now expects that the electronics maker will earn ($0.21) per share for the quarter, up from their previous estimate of ($0.22). The consensus estimate for Plug Power’s current full-year earnings is ($1.15) per share. Seaport Res Ptn also issued estimates for Plug Power’s Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($1.16) EPS, Q3 2025 earnings at ($0.16) EPS, Q4 2025 earnings at ($0.15) EPS and FY2025 earnings at ($0.65) EPS.

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

A number of other analysts have also recently weighed in on PLUG. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Piper Sandler decreased their price target on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Canaccord Genuity Group decreased their price target on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Susquehanna cut their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Finally, Craig Hallum cut their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average target price of $5.19.

Plug Power Stock Up 10.7 %

Shares of NASDAQ:PLUG opened at $2.28 on Monday. The stock has a market cap of $2.01 billion, a P/E ratio of -0.95 and a beta of 1.79. The firm has a fifty day moving average price of $2.09 and a 200 day moving average price of $2.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. Plug Power has a 1-year low of $1.60 and a 1-year high of $7.95.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the business. Mosley Wealth Management purchased a new position in Plug Power during the 1st quarter valued at about $35,000. J.W. Cole Advisors Inc. acquired a new stake in shares of Plug Power during the 1st quarter worth about $36,000. HighPoint Advisor Group LLC acquired a new stake in shares of Plug Power during the 4th quarter worth about $48,000. HBK Sorce Advisory LLC acquired a new stake in shares of Plug Power during the 1st quarter worth about $37,000. Finally, Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power during the 2nd quarter worth about $26,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.