Plug Power Inc (PLUG) Expected to Announce Quarterly Sales of $49.48 Million

Wall Street brokerages expect Plug Power Inc (NASDAQ:PLUG) to announce sales of $49.48 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Plug Power’s earnings, with the highest sales estimate coming in at $50.92 million and the lowest estimate coming in at $48.70 million. Plug Power reported sales of $61.43 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 19.5%. The firm is expected to report its next earnings report on Wednesday, November 14th.

According to Zacks, analysts expect that Plug Power will report full-year sales of $166.54 million for the current fiscal year, with estimates ranging from $159.40 million to $171.74 million. For the next fiscal year, analysts forecast that the firm will report sales of $221.56 million, with estimates ranging from $207.75 million to $242.60 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Plug Power.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 9th. The electronics maker reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business had revenue of $39.93 million during the quarter, compared to analyst estimates of $40.52 million. Plug Power had a negative net margin of 66.16% and a negative return on equity of 108.78%. The firm’s revenue for the quarter was up 76.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share.

Several analysts have recently commented on PLUG shares. ValuEngine lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Zacks Investment Research lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Wednesday, July 18th. BidaskClub lowered shares of Plug Power from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th. HC Wainwright set a $4.00 target price on shares of Plug Power and gave the stock a “buy” rating in a research report on Friday, August 10th. Finally, B. Riley set a $4.00 target price on shares of Plug Power and gave the stock a “buy” rating in a research report on Tuesday, May 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $3.38.

Shares of PLUG stock traded up $0.10 during trading hours on Friday, hitting $1.98. The company’s stock had a trading volume of 111,492 shares, compared to its average volume of 2,785,565. The firm has a market capitalization of $408.11 million, a PE ratio of -3.23 and a beta of 1.23. Plug Power has a twelve month low of $1.53 and a twelve month high of $3.21. The company has a debt-to-equity ratio of 4.16, a current ratio of 1.07 and a quick ratio of 0.69.

In related news, Director Gregory B. Graves sold 31,343 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $1.73, for a total transaction of $54,223.39. Following the sale, the director now owns 43,296 shares in the company, valued at $74,902.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.10% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY boosted its position in Plug Power by 183.4% during the second quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock worth $148,000 after acquiring an additional 47,559 shares during the last quarter. MetLife Investment Advisors LLC boosted its holdings in shares of Plug Power by 100.0% in the 1st quarter. MetLife Investment Advisors LLC now owns 107,957 shares of the electronics maker’s stock valued at $204,000 after purchasing an additional 53,968 shares during the last quarter. Global X Management Co LLC acquired a new position in shares of Plug Power in the 2nd quarter valued at $266,000. LPL Financial LLC acquired a new position in shares of Plug Power in the 1st quarter valued at $270,000. Finally, UBS Group AG boosted its holdings in shares of Plug Power by 122.6% in the 1st quarter. UBS Group AG now owns 150,221 shares of the electronics maker’s stock valued at $284,000 after purchasing an additional 82,741 shares during the last quarter. Hedge funds and other institutional investors own 30.46% of the company’s stock.

About Plug Power

Plug Power Inc, an alternative energy technology provider, engages in the design, development, commercialization, and manufacture 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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