Plug Power Inc (NASDAQ: PLUG): A Disaster In The Making Or A Gold Mine?

In the last trading session, 30.77 million shares of the Plug Power Inc (NASDAQ:PLUG) were traded, and its beta was 1.55. Most recently the company’s share price was $3.14, and it changed around -$0.3 or -8.72% from the last close, which brings the market valuation of the company to $2.15B. PLUG currently trades at a discount to its 52-week high of $13.44, offering almost -328.03% off that amount. The share price’s 52-week low was $2.26, which indicates that the current value has risen by an impressive 28.03% since then. We note from Plug Power Inc’s average daily trading volume that its 10-day average is 25.73 million shares, with the 3-month average coming to 44.56 million.

Plug Power Inc stock received a consensus recommendation rating of Buy, based on a mean score of 2.62. If we narrow it down even further, the data shows that 1 out of 6 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 1 recommended PLUG as a Hold, whereas 4 deemed it a Buy, and 0 rated it as Underweight. Plug Power Inc is expected to report earnings per share of -$0.33 for the current quarter.

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Plug Power Inc (NASDAQ:PLUG) trade information

Instantly PLUG has showed a red trend with a performance of -8.72% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -30.22% year-to-date, but still down -5.71% over the last five days. On the other hand, Plug Power Inc (NASDAQ:PLUG) is -19.28% down in the 30-day period. We can see from the shorts that 172.19 million shares have been sold at a short interest cover period of 4.28 day(s).

The consensus price target as assigned by Wall Street analysts is $28.21, which translates to bulls needing to increase their stock price by 88.87% from its current value. Analyst projections state that PLUG is forecast to be at a low of $2.9 and a high of $46.

Plug Power Inc (PLUG) estimates and forecasts

Plug Power Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -58.68 percent over the past six months and at a 59.13% annual growth rate that is well above the industry average of 19.90%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 5.70% in revenue this quarter, and will report an increase of 32.50% in the next quarter. The year-over-year growth rate is expected to be 13.10%, up from the previous year.

Consensus estimates provided by 20 financial analysts predict the company will bring in an average of $179.2 million in revenue for the current quarter. 19 analysts expect Plug Power Inc to make $207.49 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $210.29 million and $242.24 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -14.80%. Forecasts for the next quarter put sales growth at -14.30%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -45.13%.

PLUG Dividends

Plug Power Inc’s next quarterly earnings report is expected to be released around May 07 and May 13.

Plug Power Inc (NASDAQ:PLUG)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 8.79% of Plug Power Inc shares, and 46.54% of them are in the hands of institutional investors. The stock currently has a share float of 51.03%. Plug Power Inc stock is held by 677 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 9.03% of the shares, which is about 54.36 million shares worth $564.83 million.

Blackrock Inc., with 8.12% or 48.88 million shares worth $507.86 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and iShares Global Clean Energy ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 18.91 million shares worth $196.46 million, making up 3.14% of all outstanding shares. On the other hand, iShares Global Clean Energy ETF held roughly 10.2 million shares worth around $86.28 million, which represents about 1.69% of the total shares outstanding.