Did Plug Power (PLUG) Close Shortened Trading Week Higher?

We recently published a list of 10 Firms Close Shortened Trading Week Higher. In this article, we are going to take a look at where Plug Power Inc. (NASDAQ:PLUG) stands against other firms close shortened trading week higher.

Wall Street’s main indices ended the shortened trading week in the red territory on Friday after labor market data came in much hotter than expected, fueling concerns that the Federal Reserve will not cut rates again.

Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent, while the S&P 500 declined by 1.54 percent.

Meanwhile, 10 companies in the mixed sector posted notable gains amid fresh catalysts that perked up buying appetite. In this article, let’s explore the reasons behind their rally.

In Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A generator being fueled and readied for use as part of an end-to-end green hydrogen ecosystem.

Plug Power Inc. (NASDAQ:PLUG)

Shares of Plug Power Inc. (NASDAQ:PLUG) ended Friday’s trading stronger, rising by 7.49 percent to finish at $2.87 apiece after its CEO Andy Marsh announced an optimistic outlook about the company’s long-awaited loan guarantee deal with the US Department of Energy (DOE).

In May last year, Plug Power (NASDAQ:PLUG) secured a conditional commitment from the DOE for up to $1.66 billion in loan guarantee, an amount crucial for its commitment to building as many as six additional green hydrogen production facilities.

According to Marsh, there was a high probability that the company will close out the loan agreement before the entry of the Trump administration.

“We’re just really dotting the I’s and crossing the T’s on the legal documentation so that we can finalize it sometime in the next couple of weeks,” Marsh said in an interview. “At around 5.5 percent, the DOE loan will dramatically reduce the cost of capital, which makes the return on the investment much quicker.”

Overall, PLUG ranks 5th on our list of firms close shortened trading week higher. While we acknowledge the potential of PLUG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLUG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.