What's Going On With Plug Power Stock?
Portfolio Pulse from Adam Eckert
Plug Power Inc (NASDAQ:PLUG) shares are trading higher after the company disclosed new information in a regulatory filing and ahead of its annual symposium. The company expects strong gross margin expansion through 2030 and has made investments to capture the planned hydrogen push. The company also provided a long-term revenue outlook, including expectations for $1.2 billion in revenue this year, $6 billion in 2027 and $20 billion in 2030. Plug Power also signed a memorandum of understanding with Fortescue to evaluate the potential supply of equipment for green hydrogen production projects across North America.
October 11, 2023 | 1:04 pm
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Plug Power's stock is trading higher due to positive news about gross margin expansion, long-term revenue outlook, and a partnership with Fortescue. The company is well-positioned to benefit from the planned hydrogen push.
The company's positive outlook on gross margin expansion and long-term revenue, as well as its strategic partnership with Fortescue, are likely to boost investor confidence and drive the stock price higher in the short term.
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IMPORTANCE 80
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