Shares of fuel cell company Plug Power (NASDAQ:PLUG) fell over 12% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at -$0.47, which missed analysts’ consensus estimate of -$0.31 per share.
Sales increased by 5% year-over-year, with revenue hitting $198.7 million. However, this missed analysts’ expectations by $23 million. Meanwhile, the company also reported a loss of $283.5 million in its third quarter.
Is PLUG a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on PLUG stock based on three Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average PLUG price target of $15.10 per share implies 156.15% upside potential.
