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