Why Plug Power Stock Soared This Week
Shares of Plug Power (NASDAQ: PLUG) jumped this week, up from last Thursday's close at 1 p.m. ET for the Fourth of July holiday by 17.5% as of 12:30 p.m. ET Friday. The spike comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq-100 were both up 0.5%.
The company, which develops clean hydrogen power, announced earlier this week that it secured a critical new contract that will improve cash flows, something the struggling company desperately needs.
The multiyear extension to its contract with a key, but unnamed, supplier will provide Plug Power with hydrogen fuel through 2030 at a reduced rate. The cheaper fuel will help improve Plug Power's cash flows, which have been severely impacted by shrinking sales.
Source Fool.com
