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Plug Power (PLUG), a leading maker of hydrogen fuel cells, is poised to benefit from a surge in government spending on green energy, but the company struggles to curb expenses as it grows its business. Is PLUG stock a buy right now
Latham, N.Y.-based Plug Power supplies hydrogen fuel cells mainly for forklifts in large warehouses. Its fuel cells replace conventional batteries in equipment and vehicles powered by electricity. Plug Power clients include retail giants Amazon (AMZN), Walmart (WMT), Nike (NKE) and Home Depot (HD). PLUG stock went public in 2002.
The company aims to produce more than half of its hydrogen energy from entirely renewable sources by 2024. It also aims to branch out from forklifts to heavy-duty vehicles to serve ports in the U.S. and Europe, as well as stationary fuel cells to power data centers and distribution hubs.
Alongside this deal, Plug has granted Amazon a warrant to acquire up to 16 million shares of Plug's common stock (warrant shares). Amazon would vest the warrant in full if it spends $2.1 billion over the seven-year term of the warrant across Plug products, the statement said.
Plug already has a deal with another one of its key clients, Walmart. It has an option to deliver up to 20 tons per day of liquid green hydrogen to power material handling lift trucks across Walmart distribution and fulfillment centers in the U.S.
As hydrogen becomes cheaper to make, experts say it will increasingly be seen as a low-cost alternative to petroleum-based fuel and batteries. That's fueled interest in new energy stocks recently, as oil prices remain high and even as investors rotate out of growth stocks amid rising interest rates.
Elsewhere, Plug and French carmaker Renault on June 3 said their Hyvia joint venture to make hydrogen-powered vans was under way. The partnership plans to begin building three types of fuel-cell vans at existing Renault plants in France by the end of this year. The three models will be based on the Renault Master platform of vans and use the same electric motors that now power the all-electric version of the Master.
And on Dec. 15, 2021, Plug Power announced an agreement with South Korea's Edison Motors to develop and market a hydrogen fuel cell-powered electric city bus in 2022. The buses will use Plug Power's ProGen fuel-cell system. The buses will be mass produced and distributed in South Korea by the first half of 2023.
On March 30, 2021, Plug Power said it planned to open a green hydrogen production plant in south-central Pennsylvania with Brookfield Renewable Partners. PLUG stock jumped 11% on the news. The plant is expected to be online by late 2022.
Bottom line: The stock is not a buy right now, as it has not formed a pattern. Additionally, PLUG stock is well belowbelow its 50-day and 200-day lines. But keep on eye on this green energy stock, as Biden's success in passing climate legislation could give stocks like PLUG a boost.
Shares of Plug Power (PLUG 5.16%) might look enticing, down more than 80% from their most recent high back in early 2021. There's one big reason why investors may not want to rush in and \"buy the dip\" on this stock right now, however. In this video, Motley Fool contributors Jason Hall and Tyler Crowe break down how Plug Power, in over two decades, has burned millions in cash and constantly sold more stock to raise money.
Jason Hall has positions in Bloom Energy. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
That said, on Wall Street Gianarikas is amongst a minority; 4 other analysts join him on the sidelines, but with an additional 15 Buys, the stock garners a Strong Buy consensus rating. Moreover, the average target remains an upbeat one; at $25.65, the figure makes room for 12-month gains of 91%. (See PLUG stock forecast)
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Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including liquid green hydrogen production, storage and handling, transportation, and dispensing infrastructure. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. It also provides GenKey, an integrated turn-key solution for transitioning to fuel cell power; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; Liquefaction systems; and Electrolyzers that are hydrogen generators optimized for clean hydrogen production. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc.
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Are you a shareholder Since PLUG is currently undervalued, it may be a great time to accumulate more of your holdings in the stock. With a positive outlook on the horizon, it seems like this growth has not yet been fully factored into the share price. However, there are also other factors such as financial health to consider, which could explain the current undervaluation.
Diving deeper into the forecasts for Plug Power mentioned earlier will help you understand how analysts view the stock going forward. So feel free to check out our free graph representing analyst forecasts.
According to the deal, Plug will supply the retailer with 10,950 tons of green hydrogen per year from Jan 1st, 2025. Plug is expected to provide enough green hydrogen to power 30,000 forklifts or 800 long-haul trucks for its client.
As a result, Plug Power stock rose closing 9% higher on Thursday at $30. However, the stock retreated from its earlier gains, trading pre-market at $28.10 (-2.90%) on Monday. The agreement is a growth opportunity for Plug Power and is expected to help the company boost its revenue and green hydrogen ecosystem. 781b155fdc