Plug Power presents its quarterly results
<p><a href="https://admiralmarkets.com/analytics/traders-blog/results-plug-power-23-june"><img data-resize="auto" data-resize="auto" data-resize="auto" style="width:auto;" class="img-responsive" data-src="https://fxmedia.s3.amazonaws.com/articles/mceu_56131448611624449310983.png" /></a></p>
<p><a href="https://admiralmarkets.com/start-trading/contract-specifications/instrument/_plug" target="_blank" rel="noopener">Plug Power</a> is an American company listed on the Nasdaq that is primarily engaged in the development of hydrogen fuel cells, whose intention is to replace the traditional batteries used in electric cars. These batteries have a hydrogen storage structure that allows the system to recharge in just a matter of minutes.</p>
<p>In recent years, we are seeing a strong boost in the electric car sector. Due to both regulatory changes and the fight against climate change, the market niche for this type of vehicle is growing significantly. Major players including the car giant Tesla or the Chinese NIO and Xpeng have led the way, while other, more traditional car manufacturers are joining, through the development of new hybrid or all-electric models. As a result of this, it has enabled Plug Power to sign an groundbreaking agreement with Renault at the beginning of 2021, creating a joint venture in French territory.</p>
<p>In addition, last February we also learned of the agreement reached between Plug Power and the Spanish multinational Acciona, with a view to forming a 50% joint venture based in Madrid to invest in green hydrogen and thus try to capture a market share of 20% before 2030.</p>
<p>During yesterday's session, we learned about the company's quarterly results which were worse than expected, as earnings per share settled at –$0.12 per share versus –$0.08 expected by market consensus. In addition, revenues were also lower than expected by the consensus of analysts, as they reached the figure of $71.96 million, compared to the $72.16 million expected.</p>
<p>Despite this poor quarterly result during yesterday's session, the company has experienced a rise of 13.97% to $34 per share, thanks to its future prospects, since there are rumours circulating that it could be set to announce a new and important agreement in the forthcoming sessions.</p>
<p>Technically speaking, over the last few years we have been able to observe a great volatility in this stock, which led it to experience a strong bullish rally over the last year of 973.10%. In turn, this led it to mark all-time highs at the beginning of 2021, from where it began a strong correction from $75.39 to fall below $20 per share.</p>
<p>It is currently struggling to overcome its current resistance level in the area near $34.50 per share after beating its 200-session average in the red higher and the 23.6% fibonacci retracement level. At the moment, in the pre-opening of today's session, this value is trading in the negative, so we will have to be very attentive to the evolution of the price in the coming sessions and see if it is finally able to break its current resistance level, or if on the contrary it is able to maintain its current support levels to continue with the bullish rebound, thus confirming the change of trend.</p>
<p><img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/mceu_59273994321624449358144.png" /><em>Source: Admiral Markets MetaTrader 5</em><em>. Plug Power daily chart. Data range: February 4, 2020 to June 23, 2021. Prepared on June 23, 2021 at 12:15 p.m. CEST. Please note that past returns do not guarantee future returns.</em></p>
<p> </p>
<p>Evolution in the last 5 years:</p>
<ul>
<li>2020: 973.10%</li>
<li>2019: 154,84%</li>
<li>2018: -47,46%</li>
<li>2017: 96,67%</li>
<li>2016: -43,13%</li>
</ul>
<p> </p>
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