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Will Plug Power Stock Reach $50 By 2022?

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Henry Khederian
·2 min read
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Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.

We surveyed a group of over 600 investors on whether shares of Plug Power (NASDAQ: PLUG) will reach $50 by 2022. 

Plug Power Stock Forecast

Plug Power provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe.

The clean energy company focuses on proton exchange membrane fuel cell and fuel processing technologies, fuel cell and battery hybrid technologies and related hydrogen storage and dispensing infrastructure.

Plug Power has garnered an abundance of attention from investors in 2020 for its GenDrive system, a hydrogen fueled PEM fuel cell system that provides power to material handling electric vehicles.

In general, the company offers its products to retail-distribution and manufacturing businesses through direct product sales force, original equipment manufacturers, and dealer networks. 

The company’s top competitors within the clean energy space include FuelCell (NYSE: FCEL) and Bloom Energy (NYSE: BE).

Plug Power trades around $36 as of publishing, off the 52-week low of $2.53.

Overwhelmingly, 82% of Benzinga traders and investors said Plug Power would indeed reach $50 per share by 2022.

Our study revealed investors suggesting the EV sector will continue its marked 2020 growth into 2021 with substantially larger vehicle sales, in addition to the Biden administration helping leglislate environmental policies that would provide favorable business conditions for hydrogen fuel cell system companies.

See Also: Best Index Funds.

This survey was conducted by Benzinga in December 2020 and included the responses of a diverse population of adults 18 or older.

Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 600 adults.

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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.