PLUG Stock: 12 Things to Know as Plug Power Shares Struggle

Plug Power (NASDAQ:PLUG) stock is taking a beating on Thursday following a couple of news announcements concerning the company.

Man hold a fuel dispenser with hydrogen on gas station. h2 combustion engine for emission free eco friendly transport.

Source: Alexander Kirch / Shutterstock.com

Let’s take a look at the most recent PLUG news and why the stock is falling today.

  • Starting off, the company released its earnings report for the fourth quarter of 2020 today.
  • Unfortunately, results weren’t positive with a net loss of $476.2 million.
  • That’s quite the drop compared to the company’s net loss of $18.3 million in the same period of the year prior.
  • This also saw its losses per share fall from 7 cents in Q4 2019 to $1.12 per share in the most recent quarter.
  • The bad earnings news continues with its revenue coming in negative at $316.3 million.
  • To put that in perspective, the company’s revenue from the same period of the year prior was $91.7 million.
  • It should also come as no surprise that revenue missed Wall Street’s estimate of $87.2 million.
  • Other news for PLUG stock today includes a $1.6 billion capital investment from SK Group.
  • This has SK Group owning a 9.6% stake in the company.
  • The investment comes as the two partner to accelerate the use of hydrogen as an alternative energy source in Asia.
  • This will have them forming a joint-venture to accomplish this goal.
  • This aligns with South Korea’s goal to make major switches to hydrogen by 2040.

PLUG stock was down 8.2% as of Thursday morning but is up 43.2% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/02/plug-stock-12-things-to-know-as-plug-power-shares-struggle/.

©2021 InvestorPlace Media, LLC