![]() ![]() ![]() PLUG stock is down 13.2% as of Tuesday morning. For the record, it’s daily average trading volume is about 18.6 million shares. This has some 24 million shares changing hands. Plug Power stock is seeing heavy trading today alongside its earnings news. Cost of fuel per kg delivered by third parties was down 13% sequentially in the first quarter of 2023, and we expect this downward trend and tailwind to continue in the balance of the year as natural gas has remained below $3.” How This Affects PLUG Stock “As expected, fuel margin remained under pressure due to increased hydrogen molecule cost associated with historically higher natural gas prices and continued supplier disruptions. The company said the following about fuel cell costs increasing in its earnings report: ![]() The widening loss for the company is the result of hydrogen prices increasing over the last year. Plug’s EPS loss also came in wider than the -27 cents reported in Q1 2022. It looks like the company’s EPS is behind today’s move downward. For the period, revenue beat the $205.14 million Wall Street had expected while EPS came in steeper than the -26 cents per share analysts had forecast. That’s despite the company bringing in adjusted EPS of -35 cents alongside revenue of $210.29 million. Plug Power (NASDAQ: PLUG) stock is falling on Tuesday after the hydrogen and fuel cell development company released its first-quarter earnings report. ![]() The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The stock currently holds a “moderate buy” consensus rating on TipRanks with 13 Wall Street analysts maintaining buy ratings and only 6 rating it as a hold. Last week, an analyst team at HSBC issued a “buy” rating and an $11 price target, arguing that the stock “could be at an inflection point.” As InvestorPlace contributor Ian Cooper notes, the company also reported record revenue for the second quarter and has forecast further growth. While we continue to see a meaningful step-up in financial performance, we believe street for 2H23 GMs are too high, and see potential for further delays to PTC guidance the threat of a gov’t shutdown impacting timing on PLUG’s financing efforts.”Īs mentioned, though, Levy isn’t the only expert to weigh in on PLUG stock recently. “Ahead of PLUG’s upcoming 10/11 Symposium, we’re updating our estimates to reflect what we forecast to be a more moderate sequential growth profile/margin step-up in 3Q due to timing of H2 production out of GA/TN, a more 4Q weighted electrolyzer shipment cadence, and other adjustments. Levy’s bearish warning has cast doubt over Plug Power’s immediate future. As of this writing, PLUG stock is down more than 10% for the day. This week is off to a rough start for this former clean energy winner. Let’s dive into Levy’s take and take a closer look at what it means for investors. Shares have been falling all day as markets react negatively to the news.īut as far as the stock has fallen lately, not all of Wall Street is as concerned about the company’s future. Today, Jordan Levy of Truist Securities issued a “hold” rating for PLUG stock and lowered his price target to $8 per share. One of the main reasons behind Plug Power's dismal stock market performance this year has been the company's inability to meaningfully convert revenue into earnings. Since August 2023 it has fallen 20% though, and some experts are concerned. The hydrogen fuel cell company has made big waves amid the green energy boom, demonstrating impressive gains just a few months ago. Plug Power (NASDAQ: PLUG) stock is sinking today on news of an analyst downgrade. ![]()
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