![]() Plug created the first commercially viable market for hydrogen fuel cell (HFC) technology. The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. A playback of the call will be available online for a period following the event. īoth the shareholder letter and webcast can be accessed at on the company’s home and investor relations pages. The quarterly shareholder letter has been posted at. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, has announced today its 2023 first quarter results. LATHAM, N.Y., (GLOBE NEWSWIRE) - Plug Power Inc. But if a lot of small investors buy the stock now, they could dash those dreams of profit.Īs of this writing, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. Traders see PLUG stock falling below $5 and are going short to take advantage. The most recent press release from the company involves charges that it misstated its results in 20. Bears noted the stock’s price peaked in early 2021 at $75 and predicted a freefall. Views of Plug Power on Stocktwits are registering extreme fear and high message volume. Rivals Bloom Energy (NYSE: BE) fell 8%, and FuelCell Energy (NASDAQ: FCEL) fell 6%. The Truist call, with a price target of $8/share and a hold rating, has put selling pressure on the entire alternative energy complex. Operating losses have been scaling along with revenue rather than narrowing. Plug Power lost $236 million, 40 cents per share, in its most recent quarter, on revenue of $260 million, up from $151 million in 2022. It’s a long-term play and not a guaranteed winner. But Plug Power has had difficulty expanding the niche beyond utility backup systems (which usually don’t need hydrogen) and warehouse forklifts (not a huge market). Hydrogen fuel cells combine hydrogen with oxygen to create energy and water. Plug Power has been losing money as it scales the production of “green hydrogen,” which is hydrogen gas derived without burning fossil fuels. Buying can then force shorts to buy back the borrowed shares at higher prices. Fintel reports almost 25% of the float is being held short, including almost 60% of the float held off the exchange.Ī short squeeze develops after speculators borrow stock, betting its price will fall. Short sellers have been piling into Plug Power. ![]() ![]() So far in 2023, Plug Power is down 45%.īut that’s not all there is to the story. Shares opened this morning at $6.72, a market capitalization of about $4.1 billion. A short squeeze could be developing in shares of Plug Power (NASDAQ: PLUG) stock, the hydrogen energy company.Ī negative call by a Truist analyst sent the stock down 10% on Oct.
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