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Plug Power Stock Moves Back To New highs: Is it a Bullish Sign?
One of the companies that have come up by leaps and bounds in recent times is Plug Power Inc (NASDAQ:PLUG) and that has been reflected in the company’s stock performance as well. On Thursday, the stock soared significantly after it emerged in the morning that Plug Power was all set to beat analysts’ estimates in its second fiscal quarter earnings.
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Robust Earnings
Analysts had estimated that the company was going to lose $.10 per share and post revenues of $59.5 million. However, Plug Power managed to generated revenues of as much as $68.1 million and the loss per share came in at only $.03. Soon enough the stock started soaring as investors piled on to it and it gained as much as 17.5%.
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Considering the gains made by the Plug Power stock, it is perhaps imperative for investors to have a closer look at the company and its operations. Although it is true that the company still ended up making a loss, it should be noted that it still reflected a significant reduction from the $.08 per share loss that it had recorded in the year-ago period.
That being said, it should also be pointed out that the loss was lower because the number of outstanding Plug Power shares had also increased significantly owing to dilution. However, the actual loss was $8.7 million, which was lower than the $18.1 million loss that the company had suffered in the year-ago period.
In addition to that, the company also projected that its gross billings for the next quarter is going to be in the $110 million to $115 million range. On the other hand, Plug Power reiterated its aim of garnering a revenue of $1.2 billion and operating profits of $200 million by 2024. However, there was more good news in the offing from Plug Power which further strengthened the stock on Thursday.
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The company announced yesterday that it signed a deal with United Kingdom-based supermarket chain ASDA by way of which it is going to provide hydrogen fuel solutions to help with the fleet of lift trucks. The lift trucks are an important part of the retail company’s vast supply chain network.
However, that is not all. The deal that Plug Power signed also includes a purchase order from ASDA for the full suite of the company’s GenKey solution. It is a significant deal for a number of reasons and in a statement; Plug Power stated that it helps the company is continuing its growth trajectory in Europe. The company added that it is the first time that its hydrogen fuel technology is being deployed at scale in the United Kingdom. Investors could do well to keep an eye on the developments over the coming weeks.
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