Q3 2024 Earnings Forecast for Plug Power Inc. Issued By Seaport Res Ptn (NASDAQ:PLUG)

Plug Power Inc. (NASDAQ:PLUG) – Investment analysts at Seaport Res Ptn raised their Q3 2024 earnings per share (EPS) estimates for shares of Plug Power in a research report issued to clients and investors on Wednesday, September 25th. Seaport Res Ptn analyst T. Curran now anticipates that the electronics maker will post earnings per share of ($0.21) for the quarter, up from their previous estimate of ($0.22). The consensus estimate for Plug Power’s current full-year earnings is ($1.15) per share. Seaport Res Ptn also issued estimates for Plug Power’s Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($1.16) EPS, Q3 2025 earnings at ($0.16) EPS, Q4 2025 earnings at ($0.15) EPS and FY2025 earnings at ($0.65) EPS.

Several other research firms also recently issued reports on PLUG. Canaccord Genuity Group dropped their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Susquehanna cut their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Royal Bank of Canada decreased their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Craig Hallum cut their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, B. Riley raised shares of Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.19.

Plug Power Stock Down 8.8 %

Shares of NASDAQ PLUG opened at $2.06 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. Plug Power has a 1 year low of $1.60 and a 1 year high of $7.90. The stock’s 50-day simple moving average is $2.08 and its 200-day simple moving average is $2.61. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -0.86 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. During the same quarter last year, the company posted ($0.35) earnings per share. Plug Power’s revenue for the quarter was down 44.9% compared to the same quarter last year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC bought a new stake in Plug Power during the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in Plug Power in the second quarter worth about $26,000. Aire Advisors LLC bought a new position in Plug Power in the 2nd quarter valued at about $28,000. Madison Park Capital Advisors LLC acquired a new position in Plug Power during the 2nd quarter valued at about $29,000. Finally, Profund Advisors LLC acquired a new position in Plug Power during the 2nd quarter valued at about $29,000. 43.48% of the stock is owned by institutional investors.

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.