Why Plug Power Stock Rose Today
Shares of Plug Power (NASDAQ: PLUG) have had a rough start to 2022, just like many names in the alternative energy sector. Its shares are down more than 12% year to date. But investors are looking forward to a business update management is giving next week, and they may be expecting to hear good things. Plug shares jumped 4.4% in early trading today before paring those gains as the morning wore on. As of 11:41 a.m. ET, the stock was 1.2% above Wednesday's closing price.
The hydrogen fuel cell company has increased its business projections in several previous updates, and some investors might be trying to get ahead of another round of anticipated increased revenue expectations. In its 2021 third-quarter financial report, Plug said it expects revenue in 2022 to grow more than 80% over 2021, to a range of $900 million to $925 million. Investors will be looking to see if management boosts that again next week.
Source Fool.com
