FY2024 EPS Estimates for Plug Power Cut by HC Wainwright

Plug Power Inc. (NASDAQ:PLUG) – Investment analysts at HC Wainwright dropped their FY2024 earnings per share (EPS) estimates for shares of Plug Power in a report released on Wednesday, November 13th. HC Wainwright analyst A. Dayal now anticipates that the electronics maker will post earnings per share of ($1.36) for the year, down from their previous estimate of ($1.18). HC Wainwright has a “Buy” rating and a $18.00 price objective 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 issued its quarterly 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 business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) EPS.

PLUG has been the topic of a number of other reports. Piper Sandler reduced 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 note on Thursday. Susquehanna lowered their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Truist Financial cut their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note 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 for the company in a research note on Monday, August 12th. Finally, Jefferies Financial Group cut their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Price Performance

NASDAQ PLUG opened at $1.97 on Friday. The company has a market cap of $1.73 billion, a P/E ratio of -0.92 and a beta of 1.81. Plug Power has a one year low of $1.60 and a one year high of $5.14. The business has a fifty day moving average price of $2.07 and a 200 day moving average price of $2.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently modified their holdings of the business. HBK Sorce Advisory LLC acquired a new position in Plug Power in the first quarter valued at $37,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power in the second quarter valued at approximately $26,000. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power during the second quarter worth approximately $26,000. Aire Advisors LLC acquired a new stake in shares of Plug Power during the second quarter worth $28,000. Finally, Madison Park Capital Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.