$34.49 Million in Sales Expected for Plug Power Inc (PLUG) This Quarter

Wall Street brokerages forecast that Plug Power Inc (NASDAQ:PLUG) will announce $34.49 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Plug Power’s earnings, with the lowest sales estimate coming in at $30.60 million and the highest estimate coming in at $42.27 million. Plug Power posted sales of $27.20 million during the same quarter last year, which suggests a positive year-over-year growth rate of 26.8%. The business is scheduled to announce its next earnings report before the market opens on Wednesday, May 8th.

According to Zacks, analysts expect that Plug Power will report full year sales of $234.86 million for the current fiscal year, with estimates ranging from $224.80 million to $242.28 million. For the next financial year, analysts anticipate that the company will post sales of $303.29 million, with estimates ranging from $270.30 million to $373.34 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Plug Power.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Wednesday, May 8th. The electronics maker reported ($0.15) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.05). The business had revenue of $18.60 million during the quarter, compared to analyst estimates of $32.17 million. Plug Power had a negative return on equity of 289.96% and a negative net margin of 42.87%. The firm’s revenue was down 29.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.07) EPS.

PLUG has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Plug Power in a research report on Thursday, January 10th. Zacks Investment Research lowered Plug Power from a “hold” rating to a “sell” rating in a report on Friday, January 11th. B. Riley set a $4.00 price objective on Plug Power and gave the company a “buy” rating in a report on Friday, March 8th. ValuEngine raised shares of Plug Power from a “hold” rating to a “buy” rating in a research note on Monday, March 11th. Finally, BidaskClub raised shares of Plug Power from a “hold” rating to a “buy” rating in a research note on Friday, March 15th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Plug Power currently has a consensus rating of “Buy” and an average price target of $2.58.

In related news, Director George C. Mcnamee bought 100,000 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were bought at an average price of $2.34 per share, with a total value of $234,000.00. Following the completion of the transaction, the director now directly owns 826,282 shares of the company’s stock, valued at approximately $1,933,499.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Marsh bought 12,286 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was bought at an average cost of $2.44 per share, for a total transaction of $29,977.84. Following the transaction, the chief executive officer now directly owns 465,145 shares of the company’s stock, valued at $1,134,953.80. The disclosure for this purchase can be found here. Corporate insiders own 6.00% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Plug Power during the first quarter worth about $25,000. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Plug Power by 43.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,611 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 4,420 shares in the last quarter. FormulaFolio Investments LLC raised its holdings in shares of Plug Power by 52.8% in the 1st quarter. FormulaFolio Investments LLC now owns 16,200 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 5,600 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Plug Power by 154.8% in the 4th quarter. Amalgamated Bank now owns 32,671 shares of the electronics maker’s stock valued at $41,000 after purchasing an additional 19,851 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Plug Power by 27.4% in the 4th quarter. Legal & General Group Plc now owns 39,763 shares of the electronics maker’s stock valued at $50,000 after purchasing an additional 8,556 shares in the last quarter. Hedge funds and other institutional investors own 26.80% of the company’s stock.

PLUG traded down $0.08 during midday trading on Friday, hitting $2.39. 171,443 shares of the company were exchanged, compared to its average volume of 4,527,297. The company has a market capitalization of $586.94 million, a P/E ratio of -6.75 and a beta of 1.76. The company has a debt-to-equity ratio of 66.88, a quick ratio of 0.74 and a current ratio of 1.06. Plug Power has a 1-year low of $0.99 and a 1-year high of $2.86.

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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