Looking at the penny stocks on the Nasdaq exchange, it’s difficult to ignore Plug Power. At least, today it is.
On Thursday, Plug Power posted its second-quarter earnings report—and it wasn’t good. The penny stock is now down nearly 3%.
Penny Stocks and Earnings: Plug Power
The Plug Power earnings report fell short of Wall Street expectations. The report described both Q2 loss and lower-than-forecasted revenue estimates.
Plug Power Revenue
For revenue, Plug Power, which is an alternative energy company, brought in $39.9 million in the period. Wall Street was expecting around $41.6 million.
Plug Power Q2 Loss
The New York-based company announced a loss of $25.9 million in Q2.
As for per-share basis losses, Plug Power had a loss of 12 cents, which was short of Wall Street’s expectations as well. Analysts were expecting a loss of 8 cents per share.
Current Quarter Updates
The Plug Power earnings report also provided a forecast for the current quarter, which ends in October.
Plug power now forecasts revenue to come in between $47 million and $52 million.
Plug Power Stock (NASDAQ:PLUG)
It makes sense that this penny stock is in the red zone today. When a company reports quarter losses and misses revenue estimates, it’s almost a given that the stock will take a tumble.
According to Yahoo Finance, as of 1:59 p.m EDT, Plug Power is trading at $1.96, which puts the stock down 2.97%.
Today, there are other Nasdaq penny stocks trading in the red (i.e., Acasti Pharma [NASDAQ:ACST]), but will Plug Power keep going?
There’s still some time before market close, so I’m wondering: will Plug plunge more than 3% before the end of the day? More than 4%? Or will it settle down? Don’t forget about the after-hours trade!
Either way, I’m going to be keeping an eye on this stock for the rest of the day. If you’re interested in penny stocks, you might want to as well. And check back in tomorrow for more penny stock news!
Featured Image: Depositphotos/© ADragan