It’s been a huge day for green energy stock Plug Power (NASDAQ:PLUG), which is soaring in Monday afternoon’s trading after landing a string of major new deals in Europe. Plug Power pulled down three such deals with three different firms, making it clear that hydrogen is a big deal in green power areas.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Plug Power pulled in deals with the APEX Group, Ardagh Glass Limmared AB, and Hydro Havrand, with each committing to a five megawatt hydrogen electrolyzer. Plug Power noted that this represents the first time that green hydrogen, produced on such a large scale, will be used in several key industrial processes, from aluminum recycling to steel making. That’s good news for the EU’s plans to bring in more green energy, with already-ambitious plans over the next seven years.
Indeed, Plug Power has very ambitious plans going forward. It’s already been considering options for raising more cash to carry those plans out. There are some options for it at this point, and given that it’s looking to use options that don’t dilute the stock, it’s good news for investors.
Considering that over 55% of those investors are institutional backers, it’s a point Plug Power is likely considering as closely as it can in order to keep said investors in the fold. After a disastrous first-quarter earnings report, though, it may need a little extra something to keep much-needed cash on hand.
Plug Power stock is attractive on Wall Street. With 14 Buy ratings and seven Holds, PLUG has a consensus rating of Moderate Buy. Meanwhile, its average price target of $20.73 implies triple-digit upside potential from here.
