![]() It’s a company with a massive cash balance of more than $5 billion, and otherwise solid growth numbers. ![]() Plug Power remains one of the go-to plays for clean energy investors interested in the hydrogen space. For investors in PLUG stock, this is the kind of catalyst investors were hoping for. What was an event investors were bracing for turned into a “so what” moment. In fact, the aggregate change amounted to a $6.7 million increase in revenue for the company over the past three years. The company reported adjustments that actually didn’t meaningfully change the picture for PLUG stock all that much. However, on May 14, the company announced its restatement early, to the surprise of the market. Why the steep decline in such a short amount of time? Well, the market was anticipating some rather rough restatements on May 17 - the filing deadline for Plug Power. The company’s stock price fell to below $18.50 per share on May 11, a decline of well more than 50% in the span of approximately eight weeks. And PLUG stock responded as investors may have expected. These restatements are generally very bearish for any stock. The company announced it would need to restate its prior financial statements. ![]() Restatement of Its Financial Statements the Key Catalyst Investors in PLUG Stock DigestingĪfter making a nice rally to above $45 per share in mid-March, Plug Power unleashed a bombshell on investors. Let’s dive into one specific headwind facing investors in PLUG stock, and see if sunny days or dark clouds are on the horizon for this clean energy stock. Rather, Plug Power has had some serious company-specific headwinds of late. However, Plug Power’s recent decline is a function of more than broader market sentiment waning for growth stocks (though that ought to factor into the equation).
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