FY2024 EPS Estimates for Plug Power Cut by HC Wainwright

Plug Power Inc. (NASDAQ:PLUG) – Stock analysts at HC Wainwright decreased their FY2024 earnings per share estimates for Plug Power in a report released on Wednesday, November 13th. HC Wainwright analyst A. Dayal now forecasts that the electronics maker will post earnings per share of ($1.36) for the year, down from their previous forecast of ($1.18). HC Wainwright has a “Buy” rating and a $18.00 price target on the stock. The consensus estimate for Plug Power’s current full-year earnings is ($1.16) per share. HC Wainwright also issued estimates for Plug Power’s Q4 2024 earnings at ($0.29) EPS, FY2025 earnings at ($0.49) EPS, FY2026 earnings at ($0.39) EPS, FY2027 earnings at ($0.21) EPS and FY2028 earnings at $0.11 EPS.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.47) earnings per share.

PLUG has been the topic of a number of other research reports. Royal Bank of Canada reduced their price objective 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. Canaccord Genuity Group reduced their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday. 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 report on Monday, August 12th. Susquehanna reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Finally, Craig Hallum dropped their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.87 on Friday. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14. The stock has a market cap of $1.64 billion, a PE ratio of -0.87 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. The firm’s fifty day moving average price is $2.08 and its two-hundred day moving average price is $2.40.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. grew its position in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after buying an additional 1,051,400 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in Plug Power by 5.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after acquiring an additional 33,311 shares in the last quarter. Gabelli Funds LLC grew its holdings in Plug Power by 42.9% in the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after purchasing an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Plug Power by 25.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after purchasing an additional 400,120 shares in the last quarter. Finally, Diversified Trust Co bought a new stake in Plug Power in the second quarter valued at $35,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.