Is Plug Power (NASDAQ:PLUG) Stock a Good Bet For 2021?
3:51 pm Friday, June 04th, 2021
The hydrogen fuel cell company Plug Power (NASDAQ:PLUG) seems to have got back on track after having gone through a pretty tough time since the last days of April this year. However, things started to change in May and eventually hit a new high for the month.
As a matter of fact, the Plug Power stock eventually went past the $30 a share level that had last been since in April. In this situation, it might be a good idea for investors to take a closer look at the company and some of the factors that have been driving the momentum.
The Plug Power stock has had a pretty strong correction since hitting $75 a share earlier on in the year, but there are some important things to keep in mind. The current President of the United States Joe Biden is favorable towards the hydrogen fuel sector.
The President’s infrastructure plan has called for investments in the clean energy sector and the plan also included hydrogen fuels. That is a major positive Plug Power, which is one of the major players in the sector. Back in March, the announcement from the company about restating its prior financial statements had rocked the market and led to a selloff.
Although the new statements were supposed to be released on May 17, Plug Power decided to publish them on May 14 and an early publication is generally regarded as a positive. However, the actual figures proved to be a positive for Plug Power since the new statements bumped up the total revenues over the past three years by $6.7 million.
Investors who are interested in the hydrogen sector could consider keeping a close eye on the Plug Power stock since it is a major player in that sector. At this point, the company boasts of a cash balance of $5 billion and has recorded strong growth numbers as well.
