Plug Power Inc (NASDAQ:PLUG) Expected to Post Quarterly Sales of $54.89 Million

Analysts expect Plug Power Inc (NASDAQ:PLUG) to announce $54.89 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Plug Power’s earnings. The lowest sales estimate is $50.30 million and the highest is $59.30 million. Plug Power reported sales of $55.30 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 0.7%. The company is expected to issue its next earnings report on Thursday, November 14th.

On average, analysts expect that Plug Power will report full year sales of $232.05 million for the current financial year, with estimates ranging from $223.56 million to $240.53 million. For the next financial year, analysts expect that the business will post sales of $306.57 million, with estimates ranging from $272.10 million to $396.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Plug Power.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, August 6th. The electronics maker reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. The business had revenue of $57.07 million during the quarter, compared to the consensus estimate of $52.47 million. Plug Power had a negative return on equity of 6,435.09% and a negative net margin of 44.51%. The company’s revenue was up 62.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.08) earnings per share.

Several equities research analysts have recently weighed in on the company. B. Riley set a $3.50 price objective on Plug Power and gave the company a “buy” rating in a report on Thursday, September 26th. BidaskClub raised Plug Power from a “hold” rating to a “buy” rating in a report on Friday. ValuEngine downgraded Plug Power from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. HC Wainwright set a $4.00 price objective on Plug Power and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Cowen set a $3.00 price objective on Plug Power and gave the company a “buy” rating in a report on Tuesday, September 17th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $2.96.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nomura Holdings Inc. acquired a new stake in shares of Plug Power during the second quarter worth $536,000. Nuveen Asset Management LLC acquired a new stake in shares of Plug Power during the second quarter worth $2,800,000. Balyasny Asset Management LLC acquired a new stake in shares of Plug Power during the second quarter worth $504,000. Invesco Ltd. lifted its holdings in shares of Plug Power by 56.6% during the second quarter. Invesco Ltd. now owns 2,316,548 shares of the electronics maker’s stock worth $5,212,000 after purchasing an additional 836,970 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Plug Power by 8.1% during the second quarter. Vanguard Group Inc. now owns 12,247,704 shares of the electronics maker’s stock worth $27,557,000 after purchasing an additional 922,937 shares during the period. 32.15% of the stock is owned by hedge funds and other institutional investors.

Shares of PLUG stock traded up $0.10 during trading hours on Friday, hitting $3.04. The stock had a trading volume of 8,276,259 shares, compared to its average volume of 3,949,857. The firm has a market capitalization of $765.96 million, a PE ratio of -8.44 and a beta of 1.45. Plug Power has a twelve month low of $0.99 and a twelve month high of $3.05. The stock’s 50 day moving average is $2.55 and its 200 day moving average is $2.42.

About Plug Power

Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.

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