Plug Power (NASDAQ:PLUG), hydrogen fuel cell and electrolyzer developer, closed Thursday at $2.59, up 16.67%. Shares moved higher during the regular session as investors reacted to CEO Andy Marsh’s Reddit (NYSE:RDDT) AMA (Ask Me Anything) on funding needs and a new Walmart agreement. They are also watching ongoing capital-raising plans and dilution risk next.
Trading volume reached 183 million shares, about 76% above its three-month average of 103.9 million shares. Plug Power IPO’d in 1999 and has fallen 98% since going public.
The S&P 500 (SNPINDEX:^GSPC) added 0.54% to finish Thursday at 6,913, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.91% to close at 23,436. Within hydrogen fuel cell systems, Bloom Energy (NYSE:BE) closed at $145.63, down 3.27%, while Ballard Power Systems (NASDAQ:BLDP) finished at $2.65, up 1.53%, underscoring mixed sentiment for sector rivals.
Plug Power shares have soared by more than 30% this year as investors hope it can help address the growing power needs for artificial intelligence (AI) data centers. Today’s move comes as CEO Andy Marsh takes questions on Reddit this afternoon.
Plug’s funding plans are a concern for investors, along with worries concerning share dilution to address those needs. In related news today, the company has a new agreement with Walmart (NASDAQ:WMT) to cancel its 2017 stock warrant deal. That will eliminate one source of potential future dilution.
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Howard Smith has positions in Bloom Energy and has the following options: short March 2026 $60 calls on Bloom Energy. The Motley Fool has positions in and recommends Bloom Energy and Walmart. The Motley Fool recommends Reddit. The Motley Fool has a disclosure policy.
Stock Market Today, Jan. 22: Plug Power Jumps on CEO Reddit Q&A Addressing Funding and Walmart Agreement Update was originally published by The Motley Fool