Shares of Plug Power, Inc. (NASDAQ:PLUG) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $2.14, but opened at $2.17. Plug Power shares last traded at $2.16, with a volume of 2,320,927 shares traded.
The electronics maker reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by $0.03. The firm had revenue of $22.60 million during the quarter, compared to analysts’ expectations of $28.58 million. Plug Power had a negative return on equity of 86.35% and a negative net margin of 112.95%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.04) earnings per share.
Several research analysts have issued reports on PLUG shares. Cowen and Company set a $3.00 target price on Plug Power and gave the stock a “buy” rating in a research report on Monday, July 10th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Plug Power in a research report on Monday, July 24th. Rodman & Renshaw reaffirmed a “buy” rating and set a $4.00 price objective on shares of Plug Power in a research report on Monday, July 24th. Zacks Investment Research raised Plug Power from a “hold” rating to a “buy” rating and set a $2.50 price objective on the stock in a research report on Friday, July 28th. Finally, BidaskClub raised Plug Power from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Plug Power currently has an average rating of “Hold” and a consensus price target of $2.83.
The company has a 50-day moving average price of $2.15 and a 200-day moving average price of $1.81. The firm’s market cap is $476.43 million.
About Plug Power
Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.
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