Why are Plug (PLUG), FuelCell (FCEL) stocks in the spotlight today?

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Why are Plug (PLUG), FuelCell (FCEL) stocks in the spotlight today?

 Why are Plug (PLUG), FuelCell (FCEL) stocks in the spotlight today?
Image source: structuresxx,Shutterstock

Summary

  • Plug Power, Inc. (NASDAQ: PLUG) revenue for the June quarter increased by 83% to US$124.6 million compared to US$68.0 million in Q2 of 2020. The stock gained 142% in one year.
  • FuelCell Energy, Inc. (NASDAQ: FCEL) has a market cap of US$1.99 billion. The stock increased 142% in one year.
  • The alternative fuel companies are catching investors’ attention. 

Stocks of Plug Power, Inc. (NASDAQ: PLUG) and FuelCell Energy, Inc. (NASDAQ: FCEL) were up more than 9% and 3%, respectively, in the pre-market session on Friday as they began trending on Wall Street.

PLUG stock was priced at US$28.42, up 9.31% at 8:57 am ET; on the other hand, FCEL stock was trading at US$6.42, up 3.72%, at 9:09 am ET.

Plug Power, Inc. (NASDAQ: PLUG) 

Plug Power stock is the leading provider of modern hydrogen fuel-cell turnkey solutions. With its GenKey solution, PLUG has effectively increased productivity and reduced operating costs and carbon footprints in the material handling industry. 

It announced the second-quarter results in the after-hours on Thursday. For the quarter ended June 30, 2021, its revenue was US$124.6 million compared to US$68.0 million in Q2 of 2020. 

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PLUG reported a net loss of US$99.63 million or US$ 0.18 per share diluted, compared to a net loss of US$9.4 million or US$0.03 per share diluted for the June quarter of 2020. 

Its cash and cash equivalents increased to US$ 3.16 billion as of June 30, 2021, compared to US$ 1.31 billion in the quarter ended December 31, 2020. 

In the June quarter, Plug Power shipped 3,666 GenDrive units compared to 2,683 GenDrive units in the previous June quarter. In addition, its revenue came from 16 hydrogen infrastructure systems in the quarter compared to 4 in Q2 of 2020. 

Its market capitalization is US$14.78 billion, and the average share volume is 23,722,923. On Aug 6, the share volume was 16,191,831.

The stock gained 142% in one year and closed at US$26 on Aug 6, 2021.

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Source: Pixabay

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FuelCell Energy, Inc. 

Its products convert chemical energy into electricity. The stock surged in Friday’s pre-market session. However, there was no apparent reason behind it. Its average share volume is 18,621,053, while the total share volume on Aug 5 was 13,217,680.

The revenue for the April quarter, 2021 was US$13.95 million compared to US$18.88 million in the April quarter of 2020. The net loss booked in the April quarter was US$19.72 million or US$0.06 per share diluted compared to a net loss of US$15.57 million or US$0.07 per diluted share in the corresponding quarter of 2020.  

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FuelCell had named Andrea Jones as its Chief People Officer on Aug 2. 

The company has a market capitalization of US$1.99 billion. The stock increased by 142% in one year and closed at US$6.19 on Aug 5, 2021. 

Please note: The above constitutes a preliminary view and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.

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