Why Plug Power Stock Is Skyrocketing Today

Plug Power (NASDAQ: PLUG) stock is soaring in Monday's trading after the company published preliminary first-quarter results and announced a new funding move. The hydrogen fuel cell specialist's share price was up 28.8% as of 2:45 p.m. ET and had been up as much as 46.9% earlier in the session.Plug Power issued better-than-anticipated preliminary Q1 results before the market opened this morning and also issued guidance for Q2 that topped the market's expectations. The company paired the release with an announcement that it had secured a new funding deal through Yorkville Advisors.Plug Power is now targeting sales between $130 million and $134 million for the first quarter, coming in ahead of the average analyst estimate's call for sales of roughly $130.5 million. The company also guided for net cash used in the first quarter to be roughly $142 million, declining from $268 million in last year's first quarter. Management is guiding for substantial sales growth in the current period and continued expense reductions as the year progresses. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool