Why Plug Power Is Soaring by Almost 25% This Week
Investors have been taking a risk-on approach this week, sending markets higher led by the technology-laden Nasdaq Composite index. As of midday Friday, the Nasdaq was higher by about 4% for the week, or about double the gain of the S&P 500 index.
One speculative growth stock that is blowing away even the Nasdaq returns for the week has been hydrogen fuel company Plug Power (NASDAQ: PLUG). As of 11:38 a.m. ET Friday morning, Plug shares had soared 23% for the week, according to data provided by S&P Global Market Intelligence.
Plug Power announced progress on two fronts related to its push to be a leader in growing the hydrogen economy this week. It commissioned its fuel cell manufacturing plant in upstate New York that will more than double its employment presence in the state. The company broke ground in March 2022. The facility, which will make Plug's full line of fuel cell systems that power electric motors for the mobility market, will be fully operational by March.
Source Fool.com
