Shares of electrical equipment manufacturer Plug Power (PLUG) rallied 7.5% in early trade on Friday after the company reported better-than-expected Q2 revenues.
The company, however, reported a net loss of $0.18 per share, wider than the Street’s expectations of a loss of $0.08 per share. Plug Power reported a loss of $0.03 per share in the year-ago quarter.
Net revenue increased 83.2% year-over-year to $124.6 million, surpassing analysts’ expectations of $114 million. Notably, gross billings were $126.3 million, compared to $72.4 million last year.
For the second quarter of 2021, Plug Power shipped about 3,666 GenDrive units and had revenue associated with 16 hydrogen infrastructure systems, compared to 2,683 GenDrive units and four hydrogen infrastructure systems in the second quarter of 2020. (See Plug Power stock chart on TipRanks)
“Level of activity continues to remain robust in core material handling market along with strong bookings in the electrolyzer business, setting the stage for substantial growth in 2022,” the company stated in its earnings release.
Last month, Citigroup analyst PJ Juvekar initiated coverage on the stock with a Buy rating and a price target of $35 (upside potential of 34.6%).
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus based on 11 Buys, 4 Holds and 1 Sell. The average Plug Power price target of $43.06 implies 65.6% upside potential.
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