Shares of Plug Power, Inc. (NASDAQ:PLUG) are trading higher Thursday. The clean energy company’s competitor FuelCell Energy reported positive earnings results Thursday morning before the market opened, boosting optimism for the overall sector.
Plug Power stock is surging to new heights today. Why is PLUG stock up today?
FuelCell beat expectations for revenue and earnings per share, reporting that it brought in $55.02 million and notched a loss of 83 cents per share.
The move is a sign that green hydrogen may be reaching the edge of commercialization. The locally generated hydrogen will support hydrogen-powered trucks, port and rail equipment, and small ships operating through the Port of Walvis Bay, while also supplying vehicles converted on site for dual-fuel operation using hydrogen and conventional fuel.
Analyst consensus has the stock at a hold rating. The stock has traded within a 52-week range of $0.69 to $4.58.
PLUG Price Action: Plug Power’s shares were up 6.94%, trading at $2.31 at the time of publication, according to Benzinga Pro.
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