Why Plug Power Dropped Then Popped Quickly Today
Plug Power (NASDAQ: PLUG) shares went on a wild ride Wednesday, opening the trading session down by 6.9% before bouncing back quickly and gaining as much as 3.3% in morning trading. As of 1:51 p.m. EST, the stock was up by about 0.9%.
Earnings, an acquisition, an analyst turning cautious -- there was so much happening that the market had a tough time figuring out how to react to the mix of news flowing in.
The market's expectations for Plug Power ran high ahead of its third-quarter earnings report. And the company did report its strongest quarter ever in terms of revenue -- $143.9 million, up 34% year over year. Plug Power shipped 4,559 GenDrive fuel-cell units and 16 hydrogen systems in Q3 versus 3,709 GenDrive units and 13 hydrogen systems in Q3 2020.
Source Fool.com
