Plug Power said it deployed nearly 300 of its GenKey-powered forklifts in Walmart’s Pottsville, Pa., distribution center in the second quarter, the first of the six sites to receive the units.
Plug Power’s stock is up nearly 140% since the beginning of the year and more than 1,300% in the past 12 months. Another fuel-cell maker, FuelCell Energy Inc. (NASDAQ: FCEL) is up about 65% year-to-date and 95% in the past 12 months. FuelCell Energy said Monday that it will install a fuel cell power plant to generate 2.8 megawatts of electricity in New Haven, Conn., for a subsidiary of UIL Holdings Corp. (NYSE: UIL). The unit will supply electricity to a substation owned by the UIL subsidiary that will then be distributed to customers. A second 2.8 megawatt unit will also be installed in Bridgeport.
The consensus second-quarter revenue estimate for Plug Power is $73.8 million, and analysts expect an earnings per share loss of $0.04, a third less than its $0.06 per share loss in the first quarter. The company also issued 22.6 million new shares of stock in April, which will make the quarterly loss look a little better than it probably is. Shares have had a tough time staying above that $5.50 per share secondary offering price ever since it was made, and the price has never again touched $6.00.
The addition of another site to the Walmart purchase order could be enough to push Plug Power to a breakeven third quarter, given that the consensus estimate for the quarter calls for a loss of just one cent. Who knows how the share price will react to that.
Plug Power’s stock traded up 5.25% in the early afternoon at $5.81 on heavy volume. The stock’s 52-week range is $0.36 to $11.72.
ALSO READ: Plug Power Blogging Its Way to Stock Gains
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
