B. Riley Has Bearish Forecast for Plug Power FY2024 Earnings

Plug Power Inc. (NASDAQ:PLUG) – B. Riley decreased their FY2024 earnings per share (EPS) estimates for shares of Plug Power in a research report issued to clients and 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 prior 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.

Several other research analysts have also recently commented on the company. Truist Financial reduced their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Royal Bank of Canada dropped their price target on shares of 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. Wells Fargo & Company decreased their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Four research 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. According to MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $1.92 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business has a 50-day moving average of $2.08 and a 200-day moving average of $2.40. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -0.90 and a beta of 1.81. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14.

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

Institutional Investors Weigh In On Plug Power

A number of large investors have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. lifted its position in shares of Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after acquiring an additional 999,194 shares during the period. Geode Capital Management LLC lifted its position in Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. grew its stake in 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 worth $15,000,000 after buying an additional 1,354,500 shares in the last quarter. Van ECK Associates Corp increased its holdings in Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after buying an additional 809,187 shares during the period. Finally, Vontobel Holding Ltd. raised its position in shares of Plug Power by 44.3% in the 3rd 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 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.