- Truist Securities analyst Jordan Levy reiterated a Hold rating on the shares of Plug Power Inc (NASDAQ:PLUG) and lowered the price target from $11 to $9.
- Plug’s Q1 revenue of $210.29 million beat consensus estimates, whereas EPS of $(0.35) missed the consensus estimate of $(0.26).
- Despite the 1Q topline beat, the analyst remains focused on the company’s ability to execute on ramping both electrolyzer sales & green H2 production volumes as the biggest factors to drive margins into positive territory.
- Given PLUG remains early-stage in the production of both segments, the analyst continues to see timing/execution risk to the company’s ambitious growth targets as exhibited with the delayed Georgia production initial electrolyzer manufacturing challenges.
- The company noted that its liquid green hydrogen plant in Georgia will continue to ramp towards production in the second quarter.
- While appreciating PLUG’s ambition to establish itself as a fully-integrated, one-stop shop for Hydrogen solutions, the analyst believes this carries substantial timing & execution risks, particularly for an industry still in its infancy.
- Price Action: PLUG shares are trading lower by 3.51% at $7.55 on the last check Thursday.
Alibaba, EV Stocks Fall, Tencent Bucks The Trend After Earnings Report: Hang Seng Index Today
Hong Kong’s Hang Seng index opened in the red on Thursday, losing 0.39% in morning trade, following a sluggish session on Wall Street on Wednesday. The U.S. Federal Reserve has indicated more rate hikes according to the minutes of its policy meeting. However, it did indicate the pace of the hikes could slow.
