Plug Power Traders Spark Fire with Strong Q2 Sales
Shares of energy provider Plug Power shot up 10 percent early Thursday, ignited by better-than-expected sales in its second quarter.
The huge burst of energy was followed by a 6 percent drop off and a later resurgence. Shares were trading up around 5 percent at $6.16 around 1 p.m. EDT, with trading volume nearly three times the daily average at the time of publication.
Plug Power, which provides alternative fuel cell energy solutions to companies like Walmart and Mercedes-Benz, reported $17.3 million in revenue for the second quarter, more than three times its sales in the first quarter and 4 percent higher than consensus estimates. The company lost an expected 4 cents per adjusted share.
The stock’s Thursday rollercoaster adventure incited a bevy of chatter and mixed emotions from traders on StockTwits. Message volume on the financial social network spiked 140 percent with people trying to make sense of the volatility. Several reasoned the initial boom was induced by traders short the stock who were buying back shares to cover their positions.
Thursday’s market run-around isn’t atypical for Plug Power. The energy provider is up 151 percent on the year, but still around 50 percent off of its 52-week high of $11.72 a share.
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