Hydrogen fuel cell technology provider Plug Power (NASDAQ:PLUG) didn’t release its first-quarter 2021 fiscal results until June 22. It’s perfectly understandable if some PLUG stock holders were unhappy about this.

Last year, the company reported first-quarter results on May 7. So, what’s up with the delay?

And just as importantly, how should PLUG stock traders interpret the data that’s been provided?

These are valid questions, and we’ll unpack the issues that investors need to know now. But long story short, there’s no major cause for concern and the outlook is still bullish.

PLUG Stock at a Glance

When PLUG stock bottomed out at the $20 on May 10, the situation undoubtedly felt bleak for some amateur investors.

As usual, however, panic selling wasn’t the solution. If anything, the share-price dip was an invitation to add to one’s position.

By June 23, PLUG stock was already back up to $33.82. And let’s keep everything in perspective, as the stock has been as high as $75.49 during the past 12 months.

In other words, there’s lots of room to run here. You don’t have to “load the boat,” but adding to your holdings at a reduced price point isn’t a terrible idea as long as you believe in the company.

Unique Buying Opportunity

Let’s face it: investors aren’t fond of accounting errors.

So in May, when Plug Power delayed reporting its first-quarter financial results due to accounting issues, the PLUG stock price declined.

It really wasn’t the end of the world, but it was frustrating at the time. Without getting into the finer details of the matter, Plug Power reportedly made mistakes related to complex accounting issues.

Cowen analyst Jeffery Osborne deserves respect for keeping his cool. He didn’t seem to be fazed by the accounting mistakes at all.

Osborne even reiterated his “buy” rating on PLUG stock, writing, “We view the weakness as a unique buying opportunity.”

“While restating results is never a positive, the root cause of the restatement has nothing to do with future growth markets, and we note that there was no cash impact,” Osborne added.

It’s easy to say this with the benefit of hindsight, but Osborne’s calm demeanor was fully justified.

Now that Plug Power has seemingly resolved these accounting issues, it’s time to give the company a fiscal checkup and see if it’s in good health.

A Mysterious New Customer

First, we should note that Wall Street expected Plug Power to report a loss of 8 cents per share for 2021’s first quarter. Analysts were also bracing for the company to report $69 million in sales.

The actual results were mixed: a loss of 12 cents per share (missing expectations) and $72 million in sales (beating expectations).

The bulls will certainly want to accentuate the positive — specifically, Plug Power’s revenues increased by 76% on a year-over-year basis.

Plus, Plug Power shipped 1,308 GenDrive units in 2021’s first quarter, up 58.5% from the same quarter of 2020.

Moreover, the company’s quarterly gross billings, which totaled $73.7 million, signified a 71% year-over-year improvement.

Hence, despite the sales miss, there’s a preponderance of good news to keep PLUG stock holders motivated.

And here’s where things really get interesting. Reportedly, CEO Andy Marsh teased that Plug Power will soon announce a fifth “pedestal” customer, which will provide the company with $25 million in business during the second half of the year.

This ought to keep both current and prospective investors interested for a while.

The Takeaway on PLUG Stock

Plug Power’s skeptics shouldn’t harp on the accounting issues anymore. That problem is evidently in the rear-view mirror now.

Instead, investors should focus on the company’s predominantly positive quarterly results.

While they’re at it, traders can take advantage of PLUG stock’s very reasonable price — which might not stay low for much longer.

— Louis Navellier and the InvestorPlace Research Staff

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Source: Investor Place