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Company Update: Plug Power Inc. (NASDAQ:PLUG)

Company Update: Plug Power Inc. (NASDAQ:PLUG)
Written by
Alex Carlson
Published on
October 10, 2014
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Plug Power Inc. (NASDAQ:PLUG), Plug Power (PLUG) reportedly has reached agreement with M&T Bank (MTB) to offer financing packages for the first time to Plug Power customers who want to purchase fuel cells, refueling stations and service agreements. Albany Business Journal reported Plug Power CEO Andy Marsh said the move enables the company to ease the transition for customers who want to switch from diesel and battery powered equipment to equipment powered by hydrogen fuel cells. Plug Power, a hydrogen fuel cell manufacturer, expects to boost its revenues by collaborating with M&T on the financing deal, the Journal said. Stock PerformanceTaking a look at the company’s recent performance, Plug Power Inc. (PLUG) reported second quarter earnings for fiscal 2014 on August 14th . The company reported actual earnings per share of $0.04 like the consensus Street estimate of $0.04 This represents year over year decline of 250%. Plug posted revenue of $17.3 million against estimates of $16.73 million. Plug is currently valued at $753 million and closed the last trading session at $4.53. Shares of the stock are trading down today 1.50% to $4.47 in late morning trade.

Is this a Buying Opportunity?There are currently four analysts that we track that cover the stock. Of those four, three have a Buy rating and one has a Hold rating. On a consensus basis this yields a score of 2.75 and a Buy. The combined price objective of these covering analysts is $6.72. The most recent analyst activity consisted of Cowen and Company reiterating their Outperform stance on the company. On the date of the report, the stock closed at $5.92.Another research firm weighing in recently was Roth Capital who Boosted their rating on the stock. On August 15th Roth Capital upgraded their price target on the stock from $4.75 to $6.15. On the day of the report, PLUG shares closed at 5.92Company ProfilePlug Power Inc. (NASDAQ:PLUG) an alternative energy technology provider, is engaged in the design, development, manufacture, and commercialization of fuel cell systems for the industrial off-road markets worldwide. It is focused on proton exchange membrane (PEM) fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies. The company’s product line includes GenDrive, a hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenKey, its turn-key solution offering simplicity to customers transitioning their material handling vehicles to fuel cell power; GenFuel, its hydrogen fueling delivery system; and GenCare, its ongoing maintenance program for both the GenDrive fuel cells and GenFuel products.

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