Plug Stock Recovers 6%: Is Hydrogen Power Profitable?

Plug power is ranked 1541st most valuable company in terms of market cap.
However, Plug registered a $460 million loss and a trailing twelve-month loss of $693 million.

Plug Power Inc.(NASDAQ: PLUG) is a green play-focused company working on Hydrogen and Hydrogen fuel cells. It came up as a leading organization in the green hydrogen economy.

At the press time, PLUG stock jumped 6% in the last 24 hours and was trading at $16.77 with an average volume of 18.27M. The company’s total market capitalization is 9.78B USD.

PLUG Stock degraded by 42.55% in the last 6 months. The yearly trading range is between $11.49-$32.05, meaning the PLUG stock lowest traded at $11.49 and had the highest trade at $32.05. RSI shows improvement in buyer interest and currently floats in the upper half zone, indicating buyers’ pull.

Plug Power develops, designs, manufactures, markets, installs, and services a line of end-to-end hydrogen and zero-emission fuel cell solutions. In the financial year 2022, Plug registered a $460 million loss and a trailing twelve-month loss of $693 million.

They are specially customized for supply chains, logistics operations, on-road electric vehicles, and stationary power generation for businesses and industries in North America and internationally. It was founded in 1997, went public in 1999, and has headquarters in Latham, NY.

The fifty-two-week range is from $11.49 to $32.05. Meaning it is trading near the lower range of the spectrum. SK Group, Generate Capital, New York State, Hercules Capital, and several others majorly fund Plug power.

Plug power acquired more than eight companies: Joule Processing, Applied Cryo Technologies, United Hydrogen Group, Giner ELX, EnergyOR, American Fuel Cell, and ReliOn. The company also invested in Universal Hydrogen two times.

In the first quarter of 2022, Plug Inc.’s total revenue was $140.80M; its net income was -156.49 USD. The gain in the second quarter increased and was recorded at $151.27B from a net income of -173.30M USD.

The third quarter revenue was $188.63M. The net income was the second lowest in all preceding quarters of the financial year, standing at -170.76M USD. Plug employees 2200+ people in their projects.

Although Plug Inc. hasn’t released its fourth-quarter earnings, its shares could rally in weeks if fourth-quarter total revenue exceeds projected revenue. Blackrock Inc, Vanguard Group Inc, Allianz Asset Management, and BNP Paribas Asset Management Holdings majorly hold plug shares.

Technical Levels

Major Support:$11.52 and $14.69

Major Resistance: $19.56 and $31.58

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