Why Plug Power Stock Was in Rally Mode This Week
Shares of Plug Power (NASDAQ: PLUG) rose as much as 17% for the week, as of the end of trading on Thursday, June 24. The hydrogen power cell company's rally came despite what was actually a pretty weak earnings report on June 22. The thing is, when it comes to a growth-oriented name like Plug Power, the here and now sometimes takes a back seat to the future growth potential investors are expecting. Here's a quick look at the "meh" earnings numbers and the positive things the company had to say about the future.
Plug power generated first-quarter 2021 revenue of roughly $72 million, up from $40.8 million in the same period of 2020. That's a huge increase, but it fell shy of analyst expectations, which were closer to $77 million. The company fell short on the bottom line, too, with a loss of $0.12 per share compared to the Wall Street consensus of an $0.08 loss per share. The $0.12 per share of red ink, for reference, was in line with the first quarter of 2020. Summing things up, the numbers weren't great in a quarter where the company's earnings release also happened to be hit by some accounting-related delays.
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Source Fool.com
