Plug Power's Price Target Lowered by Analyst George Gianarikas After Weaker Q1 Earnings

By Don Francis, Editor
May 14, 2024 9:21 AM UTC
Plug Power's Price Target Lowered by Analyst George Gianarikas After Weaker Q1 Earnings

Canaccord Genuity's George Gianarikas lowered their price target on Plug Power (NASDAQ: PLUG) by 25% from $4 to $3 on 2024/05/13. The analyst maintained their Hold rating on the stock.

Gianarikas made this adjustment in response to Plug Power's Q1 2024 earnings report, which was released on May 9, 2024. According to the analyst, the results were weaker than recently revised estimates. Gianarikas highlighted that the company is currently working through new pricing structures and undergoing a recalibration of its materials handling business. Despite these challenges, Gianarikas did note a positive aspect, stating that Plug Power's hydrogen production plants in Georgia and Tennessee have now achieved nameplate capacity, with the Louisiana facility set to follow suit later this year.

Currently, 50% of top-rated analysts view PLUG as either a Strong Buy or Buy, while the remaining 50% see it as a Hold. No analysts have recommended selling the stock.

Since Plug Power's last quarterly report on March 31, 2024, the stock price has declined by 16%. Looking at the year-over-year performance, the stock has experienced a significant drop of 63.2%. During this period, Plug Power has been trailing behind the S&P 500, which has seen a decline of 26.2%.

It is worth noting that Canaccord Genuity analyst George Gianarikas is ranked in the bottom 6% out of 4,581 Wall Street analysts according to WallStreetZen. Gianarikas has an average return of -8.1% and a win rate of 34.9%. Their expertise lies in the Technology and Consumer Cyclical sectors, among others.

Plug Power Inc. is a company that specializes in delivering end-to-end clean hydrogen and zero-emissions fuel cell solutions. Their applications span across supply chain and logistics, on-road electric vehicles, and the stationary power market. Additionally, Plug Power is actively involved in building a green hydrogen ecosystem, which includes production, storage, delivery, and energy generation through mobile or stationary applications. They offer various technologies such as proton exchange membrane (PEM) fuel cells, fuel processing technologies, and fuel cell/battery hybrid technologies. The company also provides maintenance and service programs for their fuel cell systems, as well as stationary fuel cell solutions for backup and grid-support power requirements. Plug Power sells its products through direct sales, original equipment manufacturers, and dealer networks. The company is headquartered in Latham, New York and was founded in 1997.

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