- NASDAQ:PLUG gained 4.68% on Monday as the NASDAQ continued to storm back from its recent correction.
- A White House report envisions big upgrades for electric vehicle and charging station infrastructure.
- Plug and other related stocks are under the microscope as sympathy plays for Tesla, which reports its earnings Monday after the bell.
NASDAQ:PLUG has certainly been a company that investors have been weary about ever since it was reported that accounting errors may have occurred in Plug’s bookkeeping in the past. Initial thoughts by Wall Street went straight to recent fraudulent companies like Nikola (NASDAQ:NKLA) and Kandi (NASDAQ:KNDI), although Plug has assured investors that the issues were non-detrimental to the state of the current company. Monday saw Plug add 4.68% to close the trading session at $29.29, which is still well under both the 50-day and 200-day moving averages.
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The White House released a report last week outlining a proposed $15 billion project that would help to accelerate the development of electric vehicles and charging infrastructure across America. The plan is aiming to create an industry that will foster more job opportunities, as well as cut down on carbon emissions, and propel America’s automotive industry back into the spotlight on a global stage. Plug has been the target of several Wall Street analysts since the stock plunged with positive sentiment from Wells Fargo and Roth Capital amongst others.
Plug and the rest of the electric vehicle and charging station sectors will be under the microscope as industry leader Tesla (NASDAQ:TSLA) kicks off earnings season. Tesla reported after the bell on Monday, and saw first quarter profit that smashed analyst estimates, although revenues lagged, resulting in the stock seeing a minor selloff in after hours trading. It is anticipated that Plug will report its quarterly earnings during the first week of May.
