Plug Power Inc PLUG shares are trading lower by roughly 2% to $3.47 during Monday's pre-market session. Traders and investors continue to assess Friday's massive 40% drop after the company reported worse-than-expected third-quarter financial results.
What Happened With Earnings?
Plug Power's stock experienced a significant decline Friday following the company's issuance of a going concern warning. The warning was prompted by a $3.8 billion deficit, negative cash flows, and projected operating losses.
Plug Power attributed its third-quarter financial performance, with net revenue of $198.71 million and a net loss of 47 cents per share, to "unprecedented supply challenges" in the North American hydrogen network. These figures fell below consensus estimates.
Additionally, the company expressed doubt about its ability to sustain operations for the next 12 months due to insufficient funds, raising concerns about its future viability...Read More
See Also: 4 Analysts Slash Plug Power Stock Outlooks
According to data from Benzinga Pro, PLUG has a 52-week high of $18.88 and a 52-week low of $3.22.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
