Why Plug Power Shares Rebounded Today
Plug Power (NASDAQ: PLUG) disappointed investors with its latest business update, and its shares were punished yesterday. But the stock is rebounding from that 6% drop today after some analysts chimed in who weren't as bearish on the update. As of 3:45 p.m. ET Friday, shares of the hydrogen production and fuel cell company were higher by 3.4%.
On Wednesday evening Plug CEO Andy Marsh said 2022 full-year sales would grow by about 45% to 50% over the prior year. That meant fourth-quarter sales were estimated to be about $260 million, when analysts had expected about $285 million. But some analysts responded by looking ahead and thinking that 2023 still looks promising for the company as it grows its green hydrogen production business.
Source Fool.com
