Brokerages Anticipate Plug Power Inc (NASDAQ:PLUG) Will Announce Quarterly Sales of $57.44 Million

Wall Street brokerages expect Plug Power Inc (NASDAQ:PLUG) to announce $57.44 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Plug Power’s earnings. The lowest sales estimate is $54.19 million and the highest is $59.60 million. Plug Power posted sales of $57.07 million in the same quarter last year, which suggests a positive year-over-year growth rate of 0.6%. The company is expected to announce its next quarterly earnings report on Tuesday, August 4th.

According to Zacks, analysts expect that Plug Power will report full-year sales of $279.10 million for the current fiscal year, with estimates ranging from $264.79 million to $286.72 million. For the next fiscal year, analysts forecast that the company will post sales of $372.62 million, with estimates ranging from $340.00 million to $397.51 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Plug Power.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, May 7th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.02). The company had revenue of $40.81 million during the quarter, compared to analysts’ expectations of $33.17 million. Plug Power had a negative net margin of 38.85% and a negative return on equity of 169.08%.

A number of analysts have issued reports on the company. Morgan Stanley lifted their price target on Plug Power from $5.75 to $6.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 17th. Barclays assumed coverage on Plug Power in a research report on Thursday, June 4th. They set an “overweight” rating and a $7.00 target price on the stock. Canaccord Genuity lifted their target price on Plug Power from $7.00 to $8.50 and gave the stock a “buy” rating in a research report on Wednesday. B. Riley lifted their target price on Plug Power from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, BidaskClub upgraded Plug Power from a “hold” rating to a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. Plug Power presently has an average rating of “Buy” and an average target price of $7.56.

NASDAQ PLUG traded down $0.52 during trading on Friday, reaching $6.83. 26,510,001 shares of the company’s stock were exchanged, compared to its average volume of 23,449,060. The stock has a market cap of $2.38 billion, a P/E ratio of -18.97 and a beta of 1.19. The company has a debt-to-equity ratio of 4.25, a quick ratio of 1.21 and a current ratio of 1.83. The company has a 50 day moving average price of $4.77 and a two-hundred day moving average price of $4.11. Plug Power has a 1 year low of $1.88 and a 1 year high of $7.81.

In other Plug Power news, Director Fivet Capital Holding Ag sold 398,950 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $4.33, for a total transaction of $1,727,453.50. Following the transaction, the director now owns 210,115 shares in the company, valued at approximately $909,797.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Maureen O. Helmer sold 115,000 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $4.29, for a total value of $493,350.00. Following the transaction, the director now owns 349,306 shares in the company, valued at approximately $1,498,522.74. The disclosure for this sale can be found here. Insiders sold a total of 2,845,708 shares of company stock worth $16,652,960 in the last 90 days. 4.50% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in Plug Power by 10.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,562,754 shares of the electronics maker’s stock worth $4,939,000 after purchasing an additional 142,931 shares during the period. Bank of New York Mellon Corp increased its position in Plug Power by 31.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,104,862 shares of the electronics maker’s stock worth $3,491,000 after purchasing an additional 262,212 shares during the period. BlackRock Inc. increased its position in Plug Power by 27.3% during the 1st quarter. BlackRock Inc. now owns 27,423,760 shares of the electronics maker’s stock worth $97,080,000 after purchasing an additional 5,883,362 shares during the period. State Street Corp increased its position in Plug Power by 30.1% during the 1st quarter. State Street Corp now owns 6,707,954 shares of the electronics maker’s stock worth $23,746,000 after purchasing an additional 1,551,234 shares during the period. Finally, Mackay Shields LLC purchased a new stake in shares of Plug Power during the 1st quarter worth approximately $293,000. Institutional investors own 43.76% of the company’s stock.

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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