Why Plug Power's Stock Is Trading Higher Today

Why Plug Power's Stock Is Trading Higher Today

Plug Power Inc PLUG is moving higher Friday after the company announced it completed the restatement of its previously issued financial statements.

What Happened: Plug Power issued the restatement of financial statements for fiscal years 2018 and 2019, as well as its quarterly filings for 2019 and 2020. The company also filed its Form 10-K for 2020.  Plug Power announced an earnings loss of 10 cents per share and net revenue of $7.2 million in 2020. 

“We pride ourselves on operating with integrity and transparency in everything we do, and we’re pleased to put this matter behind us. As we anticipated, the required adjustments were non-cash and had no impact on our business operations or economics of our commercial arrangements," said Andy Marsh, president and CEO of Plug Power.

See Also: Plug Power Stock Analyst Says Audit Overhang Lifting: What Investors Need To Know

Plug Power announced it will require additional time to complete its quarterly review and reporting process for the first quarter of 2021.

The company expects to file the Form 10-Q for the first quarter within the next 30 days and will hold its first-quarter earnings conference call the day it files. 

Price Action: Plug Power traded as high as $75.49 and as low as $3.80 over a 52-week period.

At last check Friday, the stock was up 13.50% in premarket trading at $24.93.

Photo courtesy of Plug Power.

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