NEW YORK (TheStreet) -- Shares of Plug Power Inc. (PLUG) are up 3.94% to $6.09 on very heavy trading volume after the provider of alternative energy technology reported profit after recording a gain related to stock warrants, Bloomberg reports.
Net income was $3.8 million, or 2 cents per share, in the second quarter compared with a loss of $9.3 million, or 14 cents, a year earlier, the company said today.
Sales more than doubled to $17.3 million from $7.5 million a year ago. Results were affected by a $9.6 million gain related to the change in fair value of previously-issued common stock warrants.
Excluding the gain, Plug had a second-quarter adjusted loss of 4 cents a share, matching the forecasts of three analysts surveyed by Bloomberg.
TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: