B. Riley Issues Pessimistic Estimate for Plug Power Earnings

Plug Power Inc. (NASDAQ:PLUG) – Equities researchers at B. Riley reduced their FY2024 EPS estimates for Plug Power in a research report issued on Thursday, November 14th. B. Riley analyst R. Pfingst now forecasts that the electronics maker will post earnings of ($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.

Plug Power (NASDAQ:PLUG) last announced 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 analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the company earned ($0.47) earnings per share.

A number of other brokerages have also recently weighed in on PLUG. Truist Financial decreased their price target 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. Wells Fargo & Company decreased their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Jefferies Financial Group dropped their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Royal Bank of Canada decreased their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Finally, Craig Hallum dropped their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

PLUG stock opened at $1.99 on Monday. The business has a 50 day simple moving average of $2.08 and a 200-day simple moving average of $2.40. The company has a market capitalization of $1.81 billion, a P/E ratio of -0.93 and a beta of 1.81. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15.

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pitcairn Co. boosted its position in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 4,169 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its position in shares of Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after buying an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors grew its stake in Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after acquiring an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Plug Power by 0.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares in the last quarter. Finally, Catalyst Capital Advisors LLC raised its position in Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.