Who pulled the plug on Plug Power Inc PLUG? Shares of the hydrogen fuel cell company traded lower on above-average volume Wednesday during the company's annual business update call.
The company updated investors about its pipeline and provided an outlook for the year.
Plug Power set a 2022 revenue goal of $900 million to $925 million. Plug Power CEO Andy Marsh told investors that if the company is able to reach said revenue levels in 2022, it will position the company to reach its goal of $3 billion in revenue in 2025.
"At Plug we dream big and we plan to be a big winner as our customers in the world turn to hydrogen to reduce 20% of the world's global carbon footprint," Marsh said during the call.
Plug Power's average session volume is about 21 million over a 100-day period, according to data from Benzinga Pro. Wednesday's trading volume exceeded 30 million.
Plug Power is an innovator of modern hydrogen and fuel cell technology.
See Also: Plug Power Drops Below A Key Support Level; Can Bulls Reenergize The Stock?
PLUG Price Action: Plug Power has traded as low as $18.47 and as high as $75.49 over a 52-week period.
The stock closed down 8.06% at $20.99 on Wednesday.
Photo: courtesy of Plug Power.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
