Plug Power (NASDAQ:PLUG) stock is rising Wednesday despite the hydrogen company missing estimates for the second quarter of 2022.
First off, Plug Power reported earnings per share of -30 cents. That’s worse than the -20 cents per share that Wall Street was expecting. It’s also wider than the -18 cents per share reported during the same time last year.
Adding to that, revenue for the quarter comes in at $151.3 million. Yet again, that fails to reach analysts’ estimate of $161 million. Even if it is a 21% increase compared to the $124.6 million reported in the second quarter of 2021.
Why Is PLUG Stock Up?
Instead of earnings lifting PLUG stock up, it looks like the Inflation Reduction Act is behind the increase. This bill recently passed in the Senate and covers climate change legislation. That includes benefits that could help out Plug Power.
With the passing of this bill, analysts are updating their views of the hydrogen company. That includes new price targets that take into account expected benefits Plug Power will see from the Inflation Reduction Act.
Today’s news brings with it heavy trading of PLUG stock. That has some 36 million shares on the move as of this writing. For the record, the company’s daily average trading volume is about 22.5 million shares.
PLUG stock is up 15.4% as of Wednesday afternoon.
There’s more stock market news worth checking out below!
Here’s what else investors need to know about for Wednesday! T2 Biosystems (NASDAQ:TTOO) stock is rising on monkeypox test news, Paysafe (NYSE:PSFE) stock is jumping alongside its earnings report, and Exela (NASDAQ:XELA) stock is sliding after releasing Q2 results. You can get all of the finer details from the following links!
More Wednesday Stock Market News
- T2 Biosystems (TTOO) Stock Gains on Monkeypox Test News
- Paysafe (PSFE) Stock Up 5% Despite Guidance Cut
- Why Is Exela (XELA) Stock Down 12% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
