NEW YORK (TheStreet) -- Shares of Plug Power Inc (PLUG) closed lower by 16.54% to $4.24 today, on more than three times its normal trading volume, after the lithium ion fuel cell battery developer reported its third quarter earnings this morning that fell short of analysts' estimates.
The Latham, NY-based company posted a net income loss of $9.4 million, or a loss of 4 cents per diluted share on an adjusted basis, worse than the loss of 3 cents per diluted share analysts' expected.
Revenue rose to $19.9 million for the quarter, from $4.6 million a year ago, but missed the consensus estimate of $24.4 million.
Shares of Plug Power are climbing, up 0.47% to $4.26 in after-hours trading Wednesday.
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. Among the areas we feel are negative, one of the most important has been weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: PLUG Ratings Report