When an issue has an extraordinary direction in an earnings report in any direction, the price action just before the report and the day of the print is interesting to follow. With that said, Plug Power Inc. (NASDAQ: PLUG) is the PreMarket Prep Stock of the Day.
About Plug Power: Plug Power is an innovator of modern hydrogen and fuel cell technology. The goal is to revolutionize the materials handling industry with its full-service GenKey solution, designed to increase productivity, reduce operating costs and reduce carbon footprints in a reliable and cost-effective way.
The company’s GenKey solution combines the necessary elements to drive, awaken and serve a customer. With proven hydrogen and fuel cell products, the company is replacing lead-acid batteries to power electric industrial vehicles, such as the trucks used by customers in distribution centers.
Its ProGen platform of modular fuel cell engines empowers OEMs and system integrators to apply hydrogen fuel cell technology.
High voltage rally: After 2019 ended at $ 3.16, Plug Power traded high in 11 of the next 13 months ending in January 2021.
It finally peaked at $ 75.49 in January and ended the month at $ 63.17. On a closing basis over that period, it had a return of 1,900%.
Loss of costs: The issue reached its highest level since May 2004, when it peaked at $ 75.49 on January 26 before ending the session at $ 73.18.
The next day, the stock shook off nearly $ 9, dropping to $ 64.42 and returning more than $ 70 on just one occasion.
What ended the rally was a good and upward offer of 28 million shares at $ 65 per share.
Profitable progress of the Power Power report: Plug Power was able to stay in the $ 60 handle until February 16, when it weakened from $ 63.19 to $ 59.
It could not bounce back and cratered to $ 37.22 on Tuesday when the broad market collapsed. It was able to close the session at $ 46.46, adding nearly $ 4 on Wednesday, closing the session at $ 50.16.
Plug Power’s Q4 report, price action: Prior to the public Thursday, the company reported a fourth-quarter loss of $ 1.12 per share, far worse than a 6-cent loss a year ago.
Plug Power has confirmed $ 205 million gross invoice extension in 2021.
On the other hand, Plug Power could not reach the close of Wednesday ($ 50.16), reaching only $ 48.75.
The stock closed Thursday’s session at 13.6% at $ 43.34.
A Plug Power hydrogen production plant. Thanks to photo.
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