Plug Power, Inc. (PLUG) shares have been on the rise recently, with the stock up more than 18% since Monday. This comes after the company reported its fiscal year 2023 results last Friday, which showed losses of $2.30 per share and sales of $891.34 million, both of which missed analyst consensus estimates.
In response to these results, Plug Power CEO Andy Marsh commented, “This fiscal year has marked a pivotal period in our journey towards growth and sustainability within the hydrogen economy. Recognizing the past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile.”
Following the earnings report, several analysts updated their coverage on the stock. Evercore ISI Group analyst James West maintained an Outperform rating but lowered the price target from $9 to $6. Canaccord Genuity maintained a Hold rating and lowered the price target from $5 to $4. Craig-Hallum analyst Eric Stine maintained a Buy rating and lowered the price target from $6 to $5.
Despite the initial drop in Plug Power shares after the earnings report, the stock has seen a recovery of more than 18% over the past three sessions.
As of the time of publication, Plug Power shares are up 12% at $4.06. Investors will be keeping a close eye on the company’s efforts to strengthen its financial profile in 2024.
In related news, ChargePoint stock recently dropped after its Q4 results. This serves as a reminder of the volatility in the clean energy sector and the importance of closely monitoring company performance and industry trends.
Overall, Plug Power’s recent performance and the market reaction to its earnings report highlight the challenges and opportunities facing companies in the hydrogen economy. Investors will be watching closely to see how Plug Power navigates these challenges and positions itself for future growth.
