Plug Power, Inc. (PLUG) Announces Earnings Results
Plug Power, Inc. (NASDAQ:PLUG) issued its earnings results on Tuesday. The electronics maker reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.03, Briefing.com reports. The firm had revenue of $22.60 million for the quarter, compared to the consensus estimate of $28.58 million. Plug Power had a negative net margin of 81.41% and a negative return on equity of 68.47%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period last year, the firm earned ($0.04) earnings per share.
Plug Power (NASDAQ:PLUG) traded down 6.975% on Tuesday, hitting $2.214. The stock had a trading volume of 8,789,769 shares. Plug Power has a 52-week low of $0.83 and a 52-week high of $2.70. The firm’s 50-day moving average is $2.16 and its 200-day moving average is $1.73. The company’s market cap is $494.72 million.
PLUG has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Plug Power in a research report on Monday, July 24th. Rodman & Renshaw reissued a “buy” rating and issued a $4.00 price target on shares of Plug Power in a research report on Monday, July 24th. Cowen and Company set a $3.00 price target on Plug Power and gave the stock a “buy” rating in a research report on Monday, July 10th. Zacks Investment Research raised Plug Power from a “hold” rating to a “buy” rating and set a $2.50 price target for the company in a research report on Friday, July 28th. Finally, ValuEngine raised Plug Power from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $2.83.
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Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Plug Power by 10.2% in the first quarter. Vanguard Group Inc. now owns 7,988,456 shares of the electronics maker’s stock valued at $11,024,000 after buying an additional 738,875 shares during the last quarter. Parametric Portfolio Associates LLC acquired a new stake in Plug Power during the first quarter worth $649,000. Schwab Charles Investment Management Inc. boosted its stake in Plug Power by 58.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock worth $2,484,000 after buying an additional 448,639 shares in the last quarter. Geode Capital Management LLC boosted its stake in Plug Power by 30.4% in the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock worth $2,415,000 after buying an additional 407,653 shares in the last quarter. Finally, State Street Corp boosted its stake in Plug Power by 7.2% in the fourth quarter. State Street Corp now owns 2,984,022 shares of the electronics maker’s stock worth $3,578,000 after buying an additional 199,300 shares in the last quarter. Institutional investors and hedge funds own 17.54% of the company’s stock.
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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