Plug Power (PLUG) Stock Drops on Q1 Revenue Miss
NEW YORK (TheStreet) -- Shares of Plug Power (PLUG) - Get Report are falling 5.7% to $1.82 in pre-market trading Tuesday after the company posted weaker-than-expected revenue for the 2016 first quarter.
Before the market open, the Latham, NY-based alternative energy company reported revenue of $15.3 million, lower than analysts' estimates of $25.5 million.
The company said it had an adjusted loss of 5 cents per share, which was narrower than the loss of 6 cents per share that analysts had projected.
Bookings were $72 million during the period compared to $46 million last year.
"Plug Power will leverage recent progress to strengthen its foundation for 50% annual growth in 2016. We feel comfortable with our sales strategy, and understand that continued financial strength will enable the path to breakeven," CEO Andy Marsh said in a statement.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PLUG
