Plug Power Inc.(Nasdaq: PLUG) rallied around 13.09% intraday; the stock is closely competing with its competitors such as FuelCell Energy Inc (Nasdaq: FCEL) trading at $2.60, Bloom Energy Corp (NYSE:BE) trading at $16.85. Plug Stock surged more than 18% over the week.
PLUG Stock reflects more buyers compared to sellers in the June 12 trading session; the stock opened trading at $9.27; it slipped to $9.10 in the same session and, after hitting a high of $10.40, closed trading at $10.37 with trading volume of 39.877 million.
PLUG Stock surged after Andy Marsh, the Chief Executive Officer, said that the company is working hard to achieve a revenue of $20 Billion by the end of 2023. The petroleum market is worth Trillions of USD. Hydrogen is yet to prove itself as a viable alternate fuel.
According to Plug Inc. officials, the company’s hydrogen-powered engines offer extended range capabilities and provide greater payload capacity than electric vehicles. This announcement came after General Motors (NYSE: GM) announced its partnership with EV giant Tesla(NASDAQ: TSLA) to use its charging network in North America.
Furthermore, GM EV drivers will be able to use the 12,000 Tesla superchargers in the North American region. The alliance will boost electric vehicle adoption in North America.
Post alliance with GM, TSLA Stock surged over 2.20% and closed at $249.83 with an intraday trading volume of 150.60 Million. GM Stock also showed a joyous moment of 1.20% on the June 12 trading session closing at $36.67 with a 24-hour trading volume of 14.903 Million.
Technical indicators and analyst ratings suggest it’s an excellent time to buy/hold PLUG Stock, as its yearly price target is $18.79. The suggestion might help the traders to book huge profits by the end of 2023.
Plug Inc.(PLUG Stock) Earnings and Revenue
In Q1 2023, Plug Inc. reported 2.34% more revenue than the estimated figures, but since Q2 2022, the company has reported less revenue than the predicted figures.
In Q2 2023, analysts predict the company might report $249.91 Million in revenue. Earning Per Share had seen a significant decline of -31.81% in Q1 2023, and over the last few quarters, the company reported less revenue than the estimated EPS.
More than 533.71 Million Plug shares are free-floating, and around 66.827 Million are closely held. The revenue and profit conversion of Plug Inc. (PLUG Stock) shows a massive negative outcome. The gross profit in the year was -28%, and net income was -103%.
Fuel Cell Systems, Hydrogen Infrastructure, Engineered Equipment, Cryogenic equipment, Electrolyzers, and a few others are the primary sources from which Plug Inc. generates revenue.
The company primarily generates revenue from North America, Asia, Europe, and several regions globally. In 2022, Plug Inc. generated most of its revenue by selling Fuel Cell Systems.
Vanguard Group Inc. is one of the most significant institutional shareholders of Plug Inc., followed by BlackRock Inc., State Street Corp, Morgan Stanley, Voya Investment Management LLC, and Public Investment Fund.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/13/plug-stock-jumped-13-intraday-following-hydrogen-vs-ev-war/