Why Plug Power Is Losing Charge In Premarket Today

Shares of hydrogen and fuel-cell energy company Plug Power, Inc. PLUG slumped in premarket trading on Thursday.

The Latham, New York-based company reported second-quarter revenue of $260.2 million, up 72% year-over-year, ahead of the consensus estimate of $242.24 million. The gross margin of -30% came in below the consensus estimate of -7%, said KeyBanc Capital Markets analyst Sangita Jain said.

The analyst said that while the company reiterated its 2023 revenue guidance at $1.2 billion to $1.4 billion, it did not reaffirm the 4-10% gross margin guidance. She lowered her 2023 gross margin estimate from about 0% to -4%, although expecting it to become progressively better.

“Overall, the demand outlook is robust as is evident from the recent product announcements, but we await signs of a margin turnaround and financing announcements before turning more constructive,” Jain said.

KeyBanc maintained a Sector Weight rating on Plug Power shares.

According to Benzinga Pro data, Plug Power shares fell 9.49% to $9.73 in premarket trading.

See Also: Best Renewable Energy Stocks

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: Analyst ColorEarningsEquitiesNewsReiterationAnalyst RatingsMoversTrading IdeasKeyBanc Capital MarketsSangita JainWhy It's Moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...