Plug Power Inc PLUG shares are trading lower by 6.92% to $15.21 Thursday afternoon. The company on Wednesday said it is targeting 2023 revenue of $1.4 billion and gross margin of 10%.
Additionally, JP Morgan analyst Bill Peterson on Thursday maintained Plug Power with an Overweight and lowered the price target from $28 to $24.
What Happened?
Plug Power says the company initially expected 2022 revenue to be greater than 80% higher than 2021. Current estimates from Plug Power now indicate revenue growth from 2021 to 2022 to come in at roughly 45%-50%.
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Plug Power says this 2022 revenue impact is a function of some larger projects being completed during calendar year 2023 instead of 2022. This having to do with customer timing and broader supply chain issues.
Plug Power also says fourth-quarter revenue was impacted by new product launch delays.
According to data from Benzinga Pro, PLUG has a 52-week high of $32.05 and a 52-week low of $11.49.
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