Plug Power (NASDAQ: PLUG) has confirmed that it will release its Q3 2021 earnings results on Monday, November 8, 2021, before the market opens.
What to look for
Over the past quarter, several industries faced supply chain disruptions, and it remains to be seen how they impacted Plug Power operations in the last quarter. Investors will be looking to see whether the company will report strong results like in Q2 when revenue and gross billions jumped 83% and 75% YoY. During the quarter under review, the company signed various deals and going by its recently issued 2022 guidance, the company expects 2021 gross billings to reach $500 million compared to $337 million. Investors should look at how fast the company is growing in the upcoming earnings report.
Earnings: Stockearning’s Estimated EPS for Q3 will be a loss of $0.09 per share, representing a YoY improvement of 18.2%. Historical EPS Performance shows that over the past 12 quarters, the company has topped estimates four times (33%), missed seven times (58%), and matched estimates once. In Q2 2021, the company has a loss per share of $0.18, missing estimates of a loss of $0.07 per share.
Revenue: The company expects revenue of $152.26 million for the third quarter of 2021, representing a 42.3% YoY growth. A year ago, the company reported revenue of $106.99 million. For fiscal 2022 the company expects revenue of between $825 million and $850 million, a 65% YoY increase from the projected fiscal 2021 revenue forecast of 759 million.
Stock movement: The share price has been DOWN 29 times over the past 46 quarters following the earnings release. So, the historical price reaction suggests a 63% probability of the share price going DOWN after the company releases earnings. According to the Stockearning algorithm, the predicted stock move on the first day is 7%, while the predicted move on the seventh day is 10%.
What analysts are saying
Piper Sandler analyst Pearce Hammond raised his target price on Plug Power from $37 to 46 and maintained a "Buy" rating on the stock. Pearce sees considerable upside to the company's 2022 consensus revenue projection of $810 million and anticipates Plug Power to be closer to $950 million. In a research note, the analyst told investors that Street hasn't factored in the Fortescue electrolyzer contract that is incremental to Plug’s 2022 revenue projection. In addition, Hammond sees more catalysts for the company and the renewables sector following the reconciliation bill enactment “as well as COP26 driving investors to increase sector exposure.”
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