Plug Power, Inc. (NASDAQ:PLUG – Get Free Report) shares were down 6.3% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $1.36 and last traded at $1.4050. Approximately 16,877,780 shares changed hands during trading, a decline of 76% from the average session volume of 70,778,336 shares. The stock had previously closed at $1.50.
The electronics maker reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.05). Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%. The firm had revenue of $200.60 million during the quarter, compared to analyst estimates of $198.36 million.
More Plug Power News
Here are the key news stories impacting Plug Power this week:
- Positive Sentiment: Plug Power reaffirmed its forecast for 15%–16% revenue growth, projected roughly $280 million in fourth-quarter revenue, and said it is targeting positive EBITDAS. Article: Plug reaffirms revenue growth and Q4 outlook
- Positive Sentiment: Cash use improved: net cash usage fell to $28 million in Q3, while GenDrive deployments rose 110% year over year to 1,136 units. These trends may support confidence in the company’s cost and operating-efficiency efforts. Article: Three takeaways for long-term investors
- Positive Sentiment: HC Wainwright reaffirmed its Buy rating and $7 price target, providing a bullish signal, although that target is an analyst forecast and not a guarantee. Article: HC Wainwright rating update
- Neutral Sentiment: Royal Bank of Canada maintained its Sector Perform rating and $2 target, indicating a more cautious view than HC Wainwright while still setting a target above the cited share price. Article: RBC rating update
- Negative Sentiment: Q3 adjusted loss was $0.12 per share, wider than the $0.07 loss analysts expected. The miss highlights that profitability remains a challenge despite better-than-expected revenue. Article: Q3 loss and revenue results
Analysts Set New Price Targets
A number of equities analysts recently commented on PLUG shares. Royal Bank Of Canada restated a “sector perform” rating and issued a $2.00 price objective on shares of Plug Power in a report on Tuesday. Roth Capital reiterated a “buy” rating and issued a $5.00 target price (up from $3.50) on shares of Plug Power in a research note on Wednesday, August 12th. Craig Hallum reiterated a “buy” rating on shares of Plug Power in a research note on Tuesday, August 11th. Oppenheimer reissued a “market perform” rating on shares of Plug Power in a research report on Tuesday. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Plug Power in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $3.29.
Check Out Our Latest Stock Report on Plug Power
Insiders Place Their Bets
In other Plug Power news, insider Benjamin Haycraft sold 200,000 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $2.14, for a total value of $428,000.00. Following the completion of the sale, the insider owned 101,249 shares of the company’s stock, valued at $216,672.86. The trade was a 66.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 241,935 shares of company stock worth $509,397 in the last 90 days. 1.37% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in PLUG. Banco Santander S.A. raised its position in shares of Plug Power by 75.3% in the third quarter. Banco Santander S.A. now owns 35,547 shares of the electronics maker’s stock valued at $69,000 after purchasing an additional 15,273 shares during the period. HighTower Advisors LLC lifted its stake in shares of Plug Power by 51.0% in the third quarter. HighTower Advisors LLC now owns 166,560 shares of the electronics maker’s stock worth $323,000 after buying an additional 56,274 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in shares of Plug Power by 72.7% during the 3rd quarter. Moors & Cabot Inc. now owns 24,460 shares of the electronics maker’s stock worth $47,000 after buying an additional 10,300 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Plug Power by 3.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 731,579 shares of the electronics maker’s stock worth $1,419,000 after buying an additional 21,109 shares during the period. Finally, R Squared Ltd boosted its holdings in shares of Plug Power by 12.5% during the 3rd quarter. R Squared Ltd now owns 110,245 shares of the electronics maker’s stock worth $214,000 after buying an additional 12,285 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.
Plug Power Stock Down 7.0%
The business’s 50 day moving average is $1.76 and its 200-day moving average is $2.36. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.32 and a current ratio of 2.32. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -1.10 and a beta of 2.13.
About Plug Power
Plug Power Inc develops hydrogen fuel cell and hydrogen-generation solutions for businesses seeking alternatives to conventional power and fuel sources. Its offerings include fuel cell systems, electrolyzers that produce hydrogen, hydrogen storage and handling equipment, and related infrastructure and services.
The company’s products are used in applications such as material-handling equipment, including warehouse forklifts, as well as stationary power and other industrial and mobility uses.
Read More
- Five stocks we like better than Plug Power
- Axon vs. Motorola: Which Public Safety Stock Has More Upside After Q3 Earnings?
- Wall Street May Be Making a Big Mistake With monday.com Stock
- Are These 2 Mid-Cap Growth Stocks Worth the Risk?
- Oklo Changes the Narrative: Does a Nuclear Stock Price Explosion Come Next?
Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.
