Plug Power Inc PLUG shares are increasing Tuesday on what seems continued momentum following a more than 25% rise to begin the week. Here’s a take a look at what’s going on.
What To Know: Plug Power on Monday saw its shares move greater after the business revealed a broadened collaboration with Allied Green Ammonia in which the business’s electrolyzer innovation will be utilized as the structure of a brand-new $ 5.5 billion green chemical production center in Uzbekistan.
The brand-new 2 gigawatt job in Uzbekistan constructs on Allied Green’s formerly revealed 3 gigawatt electrolyzer dedication for its flagship green ammonia center in Australia.
Shares sped up to the advantage in afternoon trading Monday after Plug revealed that CFO Paul Middleton bought an extra 650,000 shares of the business’s typical stock for around $1.03 per share. Middleton stated he sees “significant advantage” in shares as Plug plays an essential function in the energy shift.
The share purchase follows Middleton revealed purchasing 350,000 Plug shares in Might for approximately 72 cents per share on the heels of the business’s first-quarter monetary outcomes.
Plug reported a first-quarter loss of 21 cents per share last month on profits of $133.67 million as GenEco electrolyzer sales increased 575% on a year-over-year basis. The business assisted for second-quarter profits in the series of $140 million to $180 million versus price quotes of $132.16 million, according to Benzinga Pro.
Following the business’s quarterly outcomes, several experts changed rate targets varying from 50 cents to $1 per share.
PLUG Rate Action: Plug Power shares closed Monday up 25.9% at $1.22. The stock was up 12.3% Tuesday early morning, trading at $1.37 at the time of publication, according to Benzinga Pro.
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Image: thanks to Plug Power.
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