When a problem has an extraordinary move in any direction in a earnings report, the price action immediately before the report and the day of printing are interesting to follow. With that said, Plug Power Inc (NASDAQ: PLUG) is the pre-market stock of the day’s prep.
About Plug Power: Plug Power is an innovator of modern hydrogen and fuel cell technology. Its goal is to revolutionize the material handling industry with its full-service GenKey solution, which is designed to increase productivity, reduce operating costs and reduce carbon footprints in a reliable and economical way.
The company’s GenKey solution brings together the elements needed to feed, supply and serve a customer. With proven hydrogen products and fuel cells, the company replaces lead-acid batteries to power industrial electric vehicles, such as the forklifts that customers use at distribution centers.
Its ProGen modular fuel cell engine platform empowers OEMs and system integrators to adopt hydrogen fuel cell technology.
High voltage rally: After closing 2019 at $ 3.16, Plug Power traded higher in 11 of the following 13 months, which ended in January 2021.
It finally peaked in January at $ 75.49 and retreated to end the month at $ 63.17. On a closing basis during that period, it returned 1,900%.
Cargo loss: The issue reached its highest level since May 2004, when it peaked on January 26 at $ 75.49, before ending the session at $ 73.18.
The following day, the shares fell by almost $ 9, falling to $ 64.42 and once again surpassing $ 70.
What ended the rise was a timely and positive offer of 28 million shares at $ 65 / share.
Profit before Plug Power report: Plug Power managed to stay in the $ 60 market until February 16, when it passed out from $ 63.19 to $ 59.
It failed to recover and fell to $ 37.22 on Tuesday when the broad market collapsed. He managed to end the session well below that $ 46.46 low and added almost $ 4 on Wednesday, ending the session at $ 50.16.
Plug Power fourth quarter report, Share Price: Prior to open Thursday, the company reported a fourth-quarter loss of $ 1.12 per share, much worse than a 6 percent loss a year ago.
Plug Power reaffirmed its gross revenue guidance for 2021 of $ 475 million.
On the positive side, Plug Power failed to reach Wednesday’s close ($ 50.16), reaching just $ 48.75.
The stock ended Thursday’s session with a 13.6% drop to $ 43.34.
A Plug Power hydrogen production facility. Courtesy photo.
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