Why Plug Power Jumped 25% in June
Shares of Plug Power (NASDAQ: PLUG) were falling consistently this year until last month, when they rebounded and gained 24.9%, according to data provided by S&P Global Market Intelligence. The hydrogen stock is maintaining its momentum this month. What triggered the stock's bottoming and reversal in June?
Plug Power is projecting exponential growth ahead, and the prospect fueled buying activity in the stock, especially after its steep fall during the first five months of 2023.
Plug Power hosted its much-awaited Investor Day in mid-June, but anticipation had shot up ahead of the event after the company welcomed visitors to its gigafactory in Rochester, New York. It opened in 2021 and is New York's first and largest fuel cell and electrolyzer plant. CEO Andy Marsh stated that the ramp-up of the gigafactory supports Plug Power's annual revenue goals of $1.4 billion in 2023 and $20 billion by 2030.
Source Fool.com
