Why Plug Power Stock Soared This Week

Shares of Plug Power (NASDAQ: PLUG) jumped this week, up from last Thursday's close at 1 p.m. ET for the Fourth of July holiday by 17.5% as of 12:30 p.m. ET Friday. The spike comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq-100 were both up 0.5%.The company, which develops clean hydrogen power, announced earlier this week that it secured a critical new contract that will improve cash flows, something the struggling company desperately needs.The multiyear extension to its contract with a key, but unnamed, supplier will provide Plug Power with hydrogen fuel through 2030 at a reduced rate. The cheaper fuel will help improve Plug Power's cash flows, which have been severely impacted by shrinking sales. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool