12/30/2023 0 Comments Plug stock outlookAfter the closing bell Thursday, Plug Power had reported a surprisingly larger loss for the third quarter along with disappointing revenue. Plug Power - Shares cratered 33% after RBC Capital Markets downgraded the stock to sector perform from outperform due to a series of "unprecedented challenges" that caused a shortage in third-quarter hydrogen supply. Unity reported $544.2 million in revenue for the quarter, although analysts had expected $553.7 million, according to LSEG. Unity Software - Shares of the video-game engine maker slid 14% after the company posted a quarterly revenue miss and refrained from issuing guidance, based on uncertain timing around discontinuations, layoffs and a reduction in office space. Illumina's revenue was lower than analysts' estimates, although the company had beat on adjusted earnings per share in the third quarter. Illumina - Shares of the biotechnology company plunged 12.5% after it slashed its adjusted earnings guidance for the full year to a range of 60 cents to 70 cents per share, while analysts' estimated 80 cents per share, according to LSEG. Diageo - The UK-based drink manufacturer dropped 14.5% in Friday early morning trading after the company said it expects growth to slow in the first half of its fiscal year, due to weakness in Latin America and the Caribbean, cutting guidance for the short and medium term. Some analysts were less encouraged by EBITDAR results from the company's Wynn Macau segment, however. Wynn notched an adjusted 99 cents per share on $1.67 billion in revenue, while analysts polled by LSEG forecast 75 cents and $1.59 billion. Wynn Resorts - The casino juggernaut slipped more than 5% after reporting a beat on the top and bottom line in the third-quarter. Personal Loans for 670 Credit Score or LowerĬheck out the companies making headlines before the bell. Personal Loans for 580 Credit Score or Lower Plug Power’s gigafactory is located in Rochester, New York, and it reportedly produced 122 megawatts of “electrolyzer stacks for customers and Plug’s green hydrogen plants.” Moreover, prepare for a major scale-up as Plug Power is “on track” to ramp the gigafactory’s capacity up to 100 megawatts per month in the middle of the current quarter, “with plans to further increase output” during the third quarter of this year.Best Debt Consolidation Loans for Bad Credit This gigafactory features over 2 gigawatts of electrolyzers, 60,000 fuel cell stacks and 2.5 gigawatts of output capacity. I’m referring to Plug Power’s gigafactory, where on-site green hydrogen production takes place on a massive scale. Now, it’s time to ask yourself a tough question: Are you willing to overlook Plug Power’s current financial issues? If so, then I invite you to consider the piece of the puzzle that will drive Plug Power’s growth through 2030. Gigafactory Is the Key to Plug Power’s Future Growth In addition, Plug Power reported a widening net earnings loss during that time frame. It’s also problematic that Plug Power’s cash and cash equivalents dwindled from $2.48 billion at the end of 2021 to $690.63 million at the end of 2022. On the other hand, Plug Power has a track record of quarterly EPS misses. Plus, the average price target for PLUG stock is $25.50, which indicates strong upside potential. Out of 21 analysts, 16 gave Plug Power a “buy” rating and no “sell” ratings were observed. Indeed, Plug Power’s well-heeled investors include famous names like Vanguard and BlackRock (NYSE: BLK).įurthermore, Wall Street’s experts generally favor Plug Power. Still, the current Plug Power share price of around $10 seems too cheap, so there’s an opportunity here.Įven though many financial traders gave up on Plug Power, Samuel O’Brient reported that some big-money investors are staying in the trade. I’ll be the first to admit that $60 was too high, too soon. PLUG stock peaked at around $30 last year and, prior to that, traded above $60 per share. PLUG Stock Investors Will Have to Forgive Poor Financials
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