Zacks: Analysts Expect Plug Power, Inc. (PLUG) Will Post Quarterly Sales of $55.03 Million
Equities research analysts forecast that Plug Power, Inc. (NASDAQ:PLUG) will post $55.03 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Plug Power’s earnings. The highest sales estimate is $58.17 million and the lowest is $49.70 million. Plug Power posted sales of $17.56 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 213.4%. The company is scheduled to issue its next quarterly earnings results on Monday, November 6th.
On average, analysts expect that Plug Power will report full-year sales of $55.03 million for the current year, with estimates ranging from $130.10 million to $146.38 million. For the next year, analysts expect that the company will post sales of $225.27 million per share, with estimates ranging from $180.15 million to $285.25 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Plug Power.
Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The company had revenue of $22.60 million during the quarter, compared to analyst estimates of $28.58 million. During the same period in the previous year, the company earned ($0.04) EPS. The company’s quarterly revenue was up 10.5% compared to the same quarter last year.
PLUG has been the subject of several recent analyst reports. Zacks Investment Research upgraded Plug Power from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 19th. Roth Capital restated a “sell” rating and issued a $1.30 price target on shares of Plug Power in a report on Sunday, July 23rd. ValuEngine upgraded Plug Power from a “sell” rating to a “hold” rating in a report on Friday, July 7th. FBR & Co restated an “outperform” rating and issued a $3.50 price target (up previously from $3.00) on shares of Plug Power in a report on Tuesday, July 25th. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Plug Power in a report on Monday, July 24th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $2.98.
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Plug Power (NASDAQ:PLUG) traded up 4.21% on Friday, reaching $2.97. 12,695,328 shares of the company’s stock were exchanged. Plug Power has a 1-year low of $0.83 and a 1-year high of $3.06. The company has a 50 day moving average price of $2.38 and a 200-day moving average price of $2.13. The company’s market capitalization is $667.45 million.
In other news, Director George C. Mcnamee acquired 200,000 shares of Plug Power stock in a transaction dated Friday, September 15th. The shares were acquired at an average cost of $2.20 per share, with a total value of $440,000.00. Following the purchase, the director now directly owns 486,131 shares of the company’s stock, valued at approximately $1,069,488.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.90% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. lifted its stake in shares of Plug Power by 30.6% in the 2nd quarter. Vanguard Group Inc. now owns 10,432,461 shares of the electronics maker’s stock valued at $21,283,000 after purchasing an additional 2,444,005 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Plug Power by 39.5% in the 2nd quarter. Northern Trust Corp now owns 2,828,390 shares of the electronics maker’s stock valued at $5,770,000 after purchasing an additional 800,320 shares in the last quarter. State Street Corp lifted its stake in shares of Plug Power by 14.6% in the 2nd quarter. State Street Corp now owns 3,742,566 shares of the electronics maker’s stock valued at $7,635,000 after purchasing an additional 477,438 shares in the last quarter. Parametric Portfolio Associates LLC acquired a new position in shares of Plug Power in the 1st quarter valued at about $649,000. Finally, Schwab Charles Investment Management Inc. lifted its stake in shares of Plug Power by 58.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock valued at $2,484,000 after purchasing an additional 448,639 shares in the last quarter. 23.49% of the stock is currently owned by institutional investors and hedge funds.
About Plug Power
Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.
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