Why Plug Power Stock Went From Red to Green Today
Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) fell more than 10% in early trading on Friday before turning around, erasing its losses, and even notching a 1.7% gain by 11:40 a.m., after "missing" on both sales and earnings in its 2023 earnings report this morning.
Heading into the quarter, analysts weren't overly optimistic, expecting Plug to report a loss of $1.62 per share on $900.3 million in sales -- but Plug managed to disappoint investors on both counts. Sales for the year came up short at $891 million, while losses were worse than expected -- $2.30 per share.
For a stock that sells for only about $3.40 or so a share itself, this is not a good look. Also not a good look: The Plug Power earnings press release that announced the 2023 results came in an unusual form, lacking a lot of the detail usually included in such releases and -- most notably -- lacking the usual financial statements giving a detailed picture of how well (or poorly) a company is doing. (Admittedly, some of these statements were included in yesterday's 10-K filing with the SEC).
Source Fool.com
