NEW YORK (TheStreet) -- Plug Power (PLUG) stock is moving lower before market open after reporting first-quarter net losses wider than analysts' expected and as revenue experienced a sharp year-over-year drop.
In premarket trading, shares had tumbled 6.9% to $3.81.
Over the three months to March, the fuel cell company reported net losses of 6 cents a share, a penny wider than analysts surveyed by Thomson Reuters expected. Revenue of $5.6 million slid 13% year over year as Plug shipped 165 units compared to 238 units in the year-ago quarter.
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TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and weak operating cash flow."
- You can view the full analysis from the report here: PLUG Ratings Report