Plug Power (PLUG) Reverses From The Peak: Time To Add Now?

Hydrogen fuel cell company Plug Power Inc (NASDAQ: PLUG) has been in focus among investors for quite a while and managed to record notable gains as well. However, in recent days, the stock plunged sharply and went by as high as 45% from its peak levels.

The decline in the Plug Power stock price commenced after the company’s fourth-quarter financial results failed to meet market expectations. The results were announced towards the end of last month. The revenues went into negative territory for the quarter.

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That being said, it is necessary to take a closer look at the situation since things might not be as bad as they look. The fourth-quarter revenues came in at $316 million and for the whole year, it stood at negative $100 million. More importantly, the gross billings for Plug Power in the fourth quarter were $96.3 million and for the whole year, it was $337 million. The gross billings for the full year rose by 42.5% year on year.

Jack Dawkins

Finance and Tech Contributor