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BENZINGA
What's Going On With Plug Power
Stock Today?
by
Adam Eckert,
Benzinga Staff Writer
March 2, 2023
Plug Power
Inc shares are trading lower Thursday after the company reported
weak fourth-quarter results. Multiple analysts also lowered price
targets on the stock following the company's quarterly report.
What Happened: Plug Power said fourth-quarter revenue increased 40%
year-over-year to $221 million, which missed average analyst
estimates of $277.28 million, according to Benzinga Pro.
The company highlighted multiple green hydrogen supply agreements
that it entered into in 2022, including Walmart Inc
and other mobility customers, which are contributing to a total
sales pipeline approaching 200 tons per day (TPD).
"We have mitigated many of the broader supply chain issues that were
bottlenecks for electrolyzer and fuel cell systems in the second
half of 2022 with our multi-sourcing strategy and expansion of
strategic partnerships," the company said.
Plug reaffirmed its 2023 revenue guidance of $1.4 billion. The
company anticipates gross margins of 10% in full-year 2023.
Analyst Assessment:
-
Keybanc analyst Sophie Karp
maintained Plug with an Overweight and lowered the price target
from $31 to $25.
-
RBC Capital analyst Chris Dendrinos maintained Plug with an Outperform
and lowered the price target from $20 to $17.
-
BMO Capital analyst Ameet Thakkar maintained Plug with a Market Perform
and lowered the price target from $18 to $15.
Green Play Ammonia™, Yielder® NFuel Energy.
Spokane, Washington. 99212
www.exactrix.com
509 995 1879 cell, Pacific.
Nathan1@greenplayammonia.com
exactrix@exactrix.com
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