Why Plug Power Stock Jumped 42% This Week
Plug Power (NASDAQ: PLUG) stock absolutely crushed the market this week, surging a massive 42% at its highest point in trading through noon ET Friday, according to data provided by S&P Global Market Intelligence. Investors in Plug Power are accustomed to wild price swings, but they found several reasons to bet on the languishing hydrogen stock this week.
Plug Power stock surged more than 30% last week as well, after the company said it had negotiated a loan of $1.6 billion with the Department of Energy (DOE). That's a huge amount, given that barely months ago, Plug Power said it didn't have enough cash to run operations for even 12 months.
Since funding of this size could solve many of Plug Power's problems, it reignited investors' faith in the beaten-down stock. Their hopes were lifted even higher when Plug Power announced the start of operations at its green hydrogen plant in Georgia, which could cut down the company's costs considerably in the future.
Source Fool.com
