Plug Power11 Oct 2020 10:30
PLUG – As the demand for renewable energy sources is rising, Plug Power (PLUG) is expected to gain significantly, given the underlying strength in its business model, short-and-long-term momentum, impressive financial performance, and favorable analyst sentiment.
Plug Power, Inc. (PLUG - Get Rating) develops hydrogen fuel cell turnkey solutions for industrial use across North America and Europe.
With the rising popularity of this industry, PLUG is well positioned to soar in the upcoming months, despite already gaining 476.7% year-to-date. This, coupled with several other factors, has helped the stock earn a “Strong Buy” rating in our proprietary rating system.
Here’s how our proprietary POWR Ratings system evaluates PLUG:
Trade Grade: A
PLUG is currently trading above both its 50-day and 200-day moving averages of $12.29 and $6.75 respectively, indicating a golden cross uptrend. Moreover, the stock has gained 95.2% over the past three months, reflecting a solid short-term bullishness.
On September 24th, PLUG announced its collaboration with Apex Clean Energy to develop a green hydrogen network across the United States using wind power. This partnership is in tune with PLUG’s goal to decarbonize and use 50% green hydrogen across major industries in the country by 2024. It also partnered with Brookfield Renewable Partners to acquire 100% of Brookfield’s renewable energy supplies.
PLUG has standing agreements with Universal Hydrogen and EnergyOR to develop hydrogen powered commercial aircrafts, automated guided vehicles, and unmanned aerial vehicles.
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