There was good news and bad news for Plug Power (NASDAQ:PLUG) today, as the green hydrogen stock revealed its earnings report. There was good news to be had, but the bad news overshadowed it. In fact, Plug Power is down over 4% in Friday morning’s trading.
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The good news is that Plug Power no longer has concerns about being able to survive as a business. Indeed, these worries were tamped out further by the revelation of an investor who’s willing to pick up another $1 billion in shares if further capital is needed. And better yet, that extra capital may not even be necessary.
And Then the Bad News Hit
This good news was quickly overshadowed by the company’s fourth-quarter earnings report. The results weren’t encouraging. Plug Power’s annual revenue came in at $891.3 million. Analysts, meanwhile, were looking for $915.6 million, so it was a fairly substantial miss. In addition, adjusted earnings per share was -$1.08 versus estimates of -$0.37. Plug Power’s CEO, Andy Marsh, noted that cash management was going to be a particular focus of 2024.
Is Plug Power a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on PLUG stock based on five Buys, 13 Holds, and three Sells assigned in the past three months, as indicated by the graphic below. After a 17.76% rally in its share price over the past year, the average PLUG price target of $5.30 per share implies 48.04% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
