Plug Power Inc PLUG 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 WMT, Amazon.com Inc AMZN 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.
Related Link: Plug Power Q4 Earnings Recap: Revenue Misses Street Estimate, But Sets Company Records For Quarter, Full Year
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.
PLUG Price Action: Plug has a 52-week high of $32.05 and a 52-week low of $11.49.
THe stock was down 3.17% at $13.76 at time of publication, according to Benzinga Pro.
Photo: courtesy of Plug Power.
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