There was good news and bad news for Plug Power (Nasdaq: Plug) Today, Green Hydrogen Stocks announced its financial results. There was good news, but bad news overshadowed it. In fact, Plug Power was down more than 4% in Friday morning trading.
The good news is that there are no longer concerns about Plug Power’s viability as a business. Indeed, those concerns were further allayed by the revelation that investors were willing to take up another $1 billion in equity if more capital was needed. Even better, you may not need that additional capital.
And then the bad news came
This good news was quickly overshadowed by the company’s fourth quarter earnings report. The results were not encouraging. Plug Power’s annual revenue was $891.3 million. Analysts, on the other hand, had been expecting $915.6 million, which was a pretty big miss. Additionally, adjusted earnings per share came in at -$1.08, compared to expectations of -$0.37. Plug Power CEO Andy Marsh said cash management will be a particular focus in 2024.
Is Plug Power a good stock to buy?
Turning to Wall Street, analysts are bullish on Plug stock based on 5 buys, 13 holds, and 3 sells assigned over the past three months, as shown in the chart below. We are conducting a consensus rating of Hold. PLUG’s average price target of $5.30 per share means it has an upside potential of 48.04%, given the stock’s price increase of 17.76% over the past year.
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