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Plug Power Stock Rises on Revenue Beat, Stronger Billings Outlook

Plug Power's loss was sharper than Wall Street hoped, but it beat estimates for revenue and gross bookings.
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Shares of Plug Power  (PLUG) - Get Plug Power Inc. Report were higher after the hydrogen-fuel-cell maker reported second-quarter revenue ahead of estimates and raised its full-year gross-bookings estimates. 

The Latham, N.Y., company reported a second-quarter net loss of 18 cents a share on revenue of $124.6 million. 

Analysts surveyed by FactSet were expecting a net loss of 7 cents a share on revenue of $113.8 million. 

Plug shares at last check were up 9.4% at $28.45.

Gross billings for the quarter rose 75% year over year to $126.3 million. 

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The company raised its 2021 gross-billings guidance to $500 million from $475 million vs. consensus estimates of $474 million. 

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The company reported shipping 3,666 GenDrive units in the quarter and saw revenue from 16 hydrogen infrastructure systems, compared to 2,683 GenDrive units and 4 hydrogen infrastructure systems a year earlier. 

During the quarter, PLUG formally launched a 50-50 joint venture with Renault to target 30% of the fuel-cell-powered light-commercial-vehicle market in Europe, which is expected to total 500,000 vehicles by 2030. 

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"We are encouraged by the company's progress along multiple strategic initiatives," Oppenheimer analyst Colin Rusch said Friday while affirming his outperform rating and $62 price target. 

"We will be looking for ongoing cost reduction across the platform."

Last week, analysts at RBC Capital initiated coverage with an outperform rating and a price target of $42 a share. 

“Plug Power’s valuation is rich, but its long runway for growth justifies the premium,” analyst Joseph Spak wrote in a research note to clients

The company “offers exposure to the emerging hydrogen economy through its ‘comprehensive turnkey solution," he said.