Q2 2024 EPS Estimates for Plug Power Inc. Increased by B. Riley (NASDAQ:PLUG)

Plug Power Inc. (NASDAQ:PLUG) – B. Riley lifted their Q2 2024 earnings per share (EPS) estimates for Plug Power in a research note issued to investors on Wednesday, July 31st. B. Riley analyst R. Pfingst now forecasts that the electronics maker will post earnings of ($0.28) per share for the quarter, up from their previous estimate of ($0.30). B. Riley has a “Strong-Buy” rating on the stock. The consensus estimate for Plug Power’s current full-year earnings is ($1.10) per share. B. Riley also issued estimates for Plug Power’s Q3 2024 earnings at ($0.18) EPS, Q4 2024 earnings at ($0.14) EPS, FY2024 earnings at ($0.98) EPS, FY2025 earnings at ($0.45) EPS and FY2026 earnings at ($0.35) EPS.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The business had revenue of $120.26 million during the quarter, compared to analyst estimates of $162.92 million.

PLUG has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Tuesday, May 14th. Piper Sandler lowered their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Susquehanna lowered their target price on Plug Power from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Morgan Stanley decreased their price target on Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a report on Friday, May 10th. Finally, Canaccord Genuity Group decreased their price target on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, May 13th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $5.48.

Plug Power Price Performance

Shares of PLUG opened at $2.16 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. Plug Power has a 52-week low of $2.14 and a 52-week high of $11.97. The business’s 50 day moving average price is $2.73 and its two-hundred day moving average price is $3.11. The firm has a market cap of $1.60 billion, a PE ratio of -0.90 and a beta of 1.81.

Insider Transactions at Plug Power

In related news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $2.56, for a total transaction of $25,600.00. Following the sale, the director now owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of Plug Power

A number of institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its holdings in shares of Plug Power by 275.7% in the 4th quarter. International Assets Investment Management LLC now owns 66,573 shares of the electronics maker’s stock valued at $300,000 after acquiring an additional 48,854 shares in the last quarter. Prime Capital Investment Advisors LLC increased its holdings in Plug Power by 19.4% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock valued at $98,000 after purchasing an additional 3,556 shares during the period. Stratos Wealth Partners LTD. increased its holdings in Plug Power by 17.6% during the 4th quarter. Stratos Wealth Partners LTD. now owns 25,635 shares of the electronics maker’s stock valued at $115,000 after purchasing an additional 3,832 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Plug Power by 11.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,763,234 shares of the electronics maker’s stock valued at $12,435,000 after purchasing an additional 276,626 shares during the period. Finally, HC Advisors LLC increased its holdings in Plug Power by 1.6% during the 4th quarter. HC Advisors LLC now owns 310,200 shares of the electronics maker’s stock valued at $1,396,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors 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.