Plug Power Misses Analyst Expectations but Still Surges
Aug 10, 2022 By MarketDepth
Plug Power (PLUG:NYQ) missed analyst expectations for second-quarter earnings but was still given an upgraded price target. Plug surged 15% intraday on the news as external catalysts pushed the stock higher.
Analysts state that the newly passed climate tax bill will benefit Plug Power and its technology. Eventhough revenue was down analysts believe tailwinds will continue to drive the demand up.
“We remind everyone of Plug’s historical seasonality for full year revenues which is expected to continue in 2022. Plug’s revenue in the first half of the year typically represents approximately 30% of the full year revenue with the second half representing approximately 70%.”Executives stated in a letter
Revenues for the company were up at $151.3 million compared to $124.6 million, but didn’t meet expectations at $159 million.
“Fuel business continues to remain under pressure due to increased hydrogen molecule cost associated with historically higher natural-gas prices and continued supplier disruptions.”The Company stated