Plug Power (NASDAQ:PLUG) stock has been on a negative trajectory, with the company’s share price losing nearly half of its value since the start of the year. That said, a positive 5% move higher in PLUG stock at the time of this writing has some investors perking up, with a key catalyst on the horizon.
Plug Power is set to report its second-quarter earnings results on Aug. 8, before the market open. This release will be accompanied by an earnings call at 8:30 a.m. Eastern, which can be accessed via the company’s homepage.
Within this release, investors will be keen to watch for updated guidance on how Plug Power is progressing in generating revenue and profitability in its core hydrogen fuel cell business. Key growth metrics will be in focus, with particular attention likely to be paid to the company’s balance sheet and margins. Investors will be eagerly awaiting signals that a narrowing loss could lead to profitability in a reasonable timeframe.
Let’s dive into what to expect from this earnings report and where PLUG stock may be headed from here.
PLUG Stock Higher Ahead of Key Q2 Earnings Report
It’s worth noting that Plug Power’s upcoming earnings release also coincides with a key announcement from yesterday, in which former Amazon (NASDAQ:AMZN) executive Dean Fullerton was hired as the company’s new Chief Operating Officer. His job will be to help the team roll out its strategic vision and identify new growth opportunities for the green energy player. Indeed, it will be interesting to see whether Fullerton provides any commentary on the upcoming call.
Needless to say, Plug Power’s path to growth hasn’t been as smooth as many investors may have hoped to see. The company’s hydrogen fuel cell business has seen some strong uptake. But despite increased federal spending on green energy initiatives, the ultimate market share picture in this sector remains murky. It’s a competitive one and investors will want to see improving margins and a pathway to growth before jumping in.
Perhaps this recent hiring will provide investors with the confidence they need to jump in — and it’s possible the company will report better-than-expected numbers. That appears to be what the market is pricing in today. I’ll be following PLUG stock and will look to provide updates as they come following the report.
On the date of publication, Chris MacDonald did not hold (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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
