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