Why Plug Power Is Losing Charge In Premarket Today
Portfolio Pulse from Shanthi Rexaline
Plug Power, Inc. (NASDAQ:PLUG) shares fell in premarket trading after reporting Q2 revenue of $260.2 million, up 72% YoY, but with a gross margin of -30%, below the consensus estimate of -7%. The company did not reaffirm its 4-10% gross margin guidance for 2023. KeyBanc Capital Markets analyst Sangita Jain lowered her 2023 gross margin estimate from about 0% to -4%.
August 10, 2023 | 11:26 am
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Plug Power's shares fell after reporting a lower than expected gross margin for Q2 and not reaffirming its 2023 gross margin guidance. This could indicate potential financial instability.
Plug Power's shares fell due to the company's lower than expected gross margin for Q2 and the lack of reaffirmation of its 2023 gross margin guidance. This could indicate potential financial instability, which is a significant concern for investors.
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