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When an issue has an extraordinary move one way or the other on a profit report, the price action just before the report and the day of printing are great to follow. That being said, Plug Power Inc (NASDAQ: PLUG) is today’s PreMarket Prep stock.
About the power plug: Plug Power is an innovator in modern hydrogen and fuel cell technology. It aims to revolutionize the material handling industry with its full-service GenKey solution, designed to increase productivity, reduce operating costs and reduce the carbon footprint in a reliable and cost-effective manner.
The company’s GenKey solution combines the elements necessary to power, fuel and serve a customer. With proven hydrogen and fuel cell products, the company is replacing lead-acid batteries to power industrial electric vehicles, such as the forklifts that customers use in distribution centers.
Its ProGen modular fuel cell engine platform enables OEMs and system integrators to embrace hydrogen fuel cell technology.
High voltage rally: After ending 2019 at $ 3.16, Plug Power traded at a high level in 11 of the next 13 months ending in January 2021.
It finally peaked in January at $ 75.49 and fell to end the month at $ 63.17. On a closing basis during this time period, it had a 1900% return.
Pressure drop: The problem reached its highest level since May 2004, when it peaked on January 26 at $ 75.49 before ending the session at $ 73.18.
The next day the stock lost nearly $ 9, dropping to $ 64.42 and pulling it back to over $ 70 in one go.
What ended the rally was a bid to bid 28 million shares up to $ 65 / share.
Profit taking before Plug Power report: Plug Power was able to stay in the $ 60 handle until February 16, when it faded from $ 63.19 to $ 59.
It was unable to rebound and crashed to $ 37.22 on Tuesday when the vast market collapsed. He was able to end the session well at $ 46.46 and added nearly $ 4 on Wednesday, ending the session at $ 50.16.
Plug Power Q4 Report, Price Action: Ahead of the opening Thursday, the company reported a loss of fourth quarter revenue of $ 1.12 per share, much worse than a loss of 6 cents a year ago.
Plug Power has reaffirmed its gross billing forecast for 2021 of $ 475 million.
On the upside, Plug Power was unable to reach Wednesday’s close ($ 50.16), hitting just $ 48.75.
The stock ended Thursday’s session down 13.6% to $ 43.34.
A Plug Power hydrogen production facility. Courtesy photo.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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