Amidst solid financials for the recently ended third quarter, Plug Power Inc (NASDAQ:PLUG) has been recognized for its contributions in providing reliable, clean energy solutions. However, these strings of good news did not stimulate the company’s stock to outperform its annual best in the recently closed trading period.
Plug Power’s stock over recent trading session
Plug Power’s stock closed at $1.18 a devastating drop of -9.92% from its opening stock. Nonetheless, the stock posted a remarkable trading volume of over 4.18 million during the trading session with a relative trading volume of 1.97.
Plug Power managed to score a market capitalization of $323.58 million during the session with a relatively appealing average analysts’ rating of 2.12 (BUY) recommendation. Despite the intense trading session, the company’s stock remains relatively strong thanks to impressive third-quarter earnings (first profits in 2 years).
According to the financial reports Plug Power posted a $0.07 loss per share slightly dwarfing analysts’ speculation of $0.08. The company’s revenue further tramped over analysts’ consensus expectations by 14% to a remarkable $55.3 million. The revenue was contributed mainly by sales of 1,400 GenDrive Fuel cell units and 7 GenFuel hydrogen stations.
In a show of extraordinary optimism, the management raised the 2018 revenue forecast from the previous $155 million-$180 million to $175 million-$190 million spans. In line with the company’s continuous growth, Plug Power revealed plans to launch a new production facility in Clifton Park, a few minutes-drive from its Albany, New York headquarters. With the growing demand for its products, the company looks to step up production in the new facility past the current 20,000 units currently produced annually.
Plug power recognized for excellence
Plug Power’s achievements in the industry have been recognized in the 2018 Food Logistics FL100+ Top Software and Technology Providers. The company has made it to the list for the 5th time in a row. The list covers notable companies whose technology has revolutionized service provision in the global food and beverage supply chain.
The publication itself, however, is dedicated to tracking movement of products down the global supply chain.
Speaking about the recognition, the company’s Chief Executive Officer, Andy Marsh, said that “Developing cutting-edge technology has always been, and will always be a priority for Plug Power. We’re part of the exciting time, full of opportunity when organizations are grasping the importance of productivity, sustainability, and the positive impact they can have on the environment.”
2018 Supply & Demand Chain Executive Green Supply Chain Award
Also, Plug Power also received the 2018 Supply & Demand Chain Executive Green Supply Chain Award. The company was honored for its noteworthy innovations that have positively shaped the process of demand and supply by bringing about efficiency in service delivery. Plug Power products are used to power machines including forklifts and vehicles by notable players in the supply chain including Walmart, Wegmans, Whole Foods and Kroger among several others.
The awards focused on companies assisting players in the industry achieve sustainable growth through green energy solutions. Meanwhile, Plug Power has announced Daimler Gendrive orders for the Q4 2018. Daimler Facility already uses Plug Power’s GenDrive fuel cell Product and has since increased its order in the Q4 2018 for the classes 1, 2 and 3 GenDrive systems.