Plug Power Inc (NASDAQ:PLUG) shares tanked in early trading on Friday, after the company reported disappointing results for the first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

Piper Sandler On Plug Power

Analyst Kashy Harrison maintained an Underweight rating while reducing the price target from $2.90 to $2.50.

Plug Power reported a 43% year-on-year decline in first-quarter revenues, missing expectations “due to timing of electrolyzer site commissioning” and these revenues are expected to accrue in the second quarter, Harrison said in a note.

Management indicated second-quarter revenues are likely to be in line with the consensus of around $200 million and revenues in the first half of the year would be one-third of the full year, which suggested revenues of around $980 million, in-line with expectations, the analyst stated.

“We still expect declining revenues in ’24 as PLUG has transitioned away from sale/leasebacks for material handling which offered unsustainably attractive customer economics,” he added.

BMO Capital Markets On Plug Power

Analyst Ameet Thakkar reiterated an Underperform rating and price target of $2.50.

Plug Power’s first-quarter results “missed …

Full story available on Benzinga.com