Why Plug Power Stock Dropped, Then Popped Tuesday
Today's market action in Plug Power (NASDAQ: PLUG) stock looked similar to how it has traded in recent months -- up and down. Plug shares dropped as much as 8% early Tuesday, and jumped more than 6% off Monday's close after that. As of 10:45 a.m. EDT, shares held a gain of about 4%.
In March, Plug Power told investors that it will need to restate its financial statements dating back to 2018. The company added that there will be "no expected impact on cash position, business operations or economics of commercial arrangements."
Yesterday, the company said its first-quarter 2021 results will also be delayed, but expects both its 2020 annual report and the first-quarter financial results to be released next week. The company also reiterated its previously released estimates for long-term growth and provided expectations for the first and second quarters of 2021.
Source Fool.com
