Plug Power Inc (NASDAQ: PLUG) shares are trading higher Wednesday. The stock initially fell after the company reported financial results, but it has since staged a recovery on the back of positive analyst coverage.
Plug Power reported second-quarter revenue of $151.3 million, which missed the estimate of $164.76 million, according to Benzinga Pro. The green hydrogen company reported a quarterly net loss of 30 cents per share, which is down from a net loss of 18 cents per share year-over-year.
"We remind everyone of Plug’s historical seasonality for full year revenues which is expected to continue in 2022. Plug’s revenue in the first half of the year typically represents approximately 30% of the full year revenue with the second half representing approximately 70%," the company said in a letter to shareholders.
Plug said it's on track to commission 70 tonnes per day of green hydrogen by year end. The company remains focused on delivering on its previously announced target to reduce service costs on a per unit basis by approximately 30% in the next 12 months, and approximately 45% by the end of 2023.
Plug reaffirmed full-year revenue guidance between $900 million and $925 million.
Related Link: Plug Power Q2 Earnings Takeaways: Revenue Miss, Cost Reduction Efforts, Focus On Becoming 'Category King' In Hydrogen Economy
Keybanc analyst Sophie Karp maintained Plug Power with an Overweight rating and raised the price target from $30 to $32 following the company's results.
PLUG Price Action: Plug Power has a 52-week high of $32.05 and a 52-week low of $12.70.
The stock was up 3.57% at $25.55 at press time, according to Benzinga Pro.
Photo: courtesy of Plug Power.
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