Leading provider of hydrogen fueling solutions Plug Power Inc. (NASDAQ:PLUG) announced its most recent quarterly results on Tuesday morning. The company outperformed analyst expectations on revenue by $4.5 million. However, its loss per share of $0.12 was slightly higher than the expected loss of $0.08 per share. Nonetheless, PLUG shares surged more than 10% despite the mixed results.
Plug Power confirmed significant developments completed during the quarter, including the strategic partnership with Renault, Acciona, and SK Group. It also noted the $2 billion capital raise completed and $1.6 billion investment from SK Group.
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PLUG said revenue grew 76% to $72 million, up from $40.2 million reported the same period a year ago. It shipped 1,308 GenDrive units and six hydrogen infrastructure systems compared with 825 units and one hydrogen infrastructure system shipped in fiscal first-quarter last year.
Plug Power’s joint partnership with Renault gives it a platform for the EU region’s vehicle manufacturing business. The two companies will have an equal share of the joint venture. The joint venture targets a 30% share of the fuel-cell-powered light commercial vehicles market in the region.
The two companies also partnered to launched HYVIA to offer first-to-market hydrogen mobility solutions across France. The venture also targets a 30% chare of the hydrogen-powered light commercial vehicles market in Europe by 2030.
Plug Power’s partnership with South Korea’s SK Group looks to accelerate the adoption of hydrogen as an alternative power source in Asia.
Technically, PLUG’s share price appears to have bounced back after a slight pullback. The stock continues to recover from the January-May plunge. It moved closer to the overbought conditions of the 14-day RSI after today’s spike. But it is yet to reach the 100-day moving average.
Therefore, there is room for bullish investors looking to buy the rebound. They can target profits at $39.29 or higher at $47.76. The key support levels are $25.80 and $18.28.
Plug Power’s share price is enjoying a bullish sentiment after the company’s most recent quarterly results. Moreover, the rebound seems set to continue at least until it hits the 100-day MA.
The stock is yet to reach overbought conditions, leaving some room to run. Therefore, PLUG looks like an exciting buy for now while the long-term outlook remains solid.
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