Plug Power Falls on Weak FY Forecast

Plug Power (PLUG:US) shares are trading about 17% lower this week after the hydrogen fuel cell maker offered a weaker-than-expected 2024 outlook.

“We see significant demand for our green hydrogen in the application of a 1MW stationary unit for applications that have insufficient grid power, such as power fleet electric vehicles,” according to a presentation released by Plug Power.

For the first quarter, revenue rose 49% year-over-year to $210.3 million, beating the $205.1 million expected by analysts. The company reported it had cash and cash equivalents of $474.9 million at the end of Q1.

A loss per share came in at $0.35, worse than the expected loss of $0.26.

The bottom-line miss likely triggered the selloff which was then extended after the company said it sees 2024 revenue between $1.2 billion to $1.4 billion while analysts were looking for as much as $2.04 billion. 

Gross margin is seen between $50 million to $140 million. 

Several Congress members were trading PLUG stock in recent months, namely Rep. Daniel Goldman, Ro Khanna and Chris Jacobs.

Most recently, Representatives Goldman sold PLUG shares on March 6 when they closed at $13.67 while Mr. Khanna was selling on March 24 when the daily close was $11.23.

Following this week’s selloff, PLUG shares closed at $7.65 on Thursday.

Overall, the stock is down as much as 37% year-to-date.