|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||28.78 - 29.19|
|52 Week Range||20.67 - 29.76|
|Beta (5Y Monthly)||0.95|
|PE Ratio (TTM)||12.84|
|Forward Dividend & Yield||1.29 (4.51%)|
|Ex-Dividend Date||Apr 22, 2021|
|1y Target Est||28.66|
Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) surged 5% in morning trading on the Nasdaq Thursday before turning tail and giving back all its gains -- and more. In 1:40 p.m. EDT trading, Plug stock is actually down nearly 2%. This morning, Plug Power announced that it is teaming up with British industrial powerhouse BAE Systems (OTC: BAES.Y) to supply the latter with "hydrogen-based electric propulsion systems" for buses built by BAE.
Plug Power (PLUG) announced on Thursday a strategic framework agreement with BAE Systems (BAESF) to increase the adoption of zero-emission transit in the United States. As a part of this agreement, the two companies will integrate Plug’s ProGen fuel cell engines into BAE’s smart electric drive systems to supply zero-emission powertrains to transit bus equipment manufacturers across North America. They will also provide hydrogen and refueling infrastructure to customers. Plug Power’s CEO, Andy Marsh said, “We’re excited to work with BAE Systems, a pioneer in clean energy solutions for sustainable transportation, to bring the benefits of green hydrogen to transit systems in North America. This strategic partnership will play an instrumental role in advancing our on-road applications strategy and delivering new growth opportunities that help meet our year-end 2025 goals, including annual production of 500 tons of green hydrogen daily.” The partnership is expected to enable both companies to expand into a market where zero-emission power solutions can be used commercially. (See Plug Power stock analysis on TipRanks) On April 19, Wells Fargo analyst Michael Blum initiated coverage of PLUG with a Hold rating and a price target of $30. Blum said in a research note to investors that the company has a “visible” growth trajectory when it comes to the fuel cell material business and believes that PLUG has potential for accelerated growth from the commercialization of hydrogen fuel cells. Overall, consensus on the Street is that PLUG is a Moderate Buy based on 10 Buys, 5 Holds and 1 Sell. The average analyst price target of $54.27 implies upside potential of about 93% from current levels. According to the TipRanks’ Smart Score system, PLUG scores a 5 out of 10, indicating that the stock is likely to perform in line with market averages. Related News: Amgen’s 1Q Results Disappoint; Shares Drop 8% UPS Delivers A Blowout Quarter In 1Q Alphabet Pops 4% After A Blowout Quarter, Google Cloud & Ad Revenues Outperform More recent articles from Smarter Analyst: Transat Gets C$700M Aid From Ottawa; Shares Jump 6% Amazon’s Tussle With Microsoft Over Jedi Contract Continues – Report Ford Delivers 1Q Earnings Beat, FY21 Earnings To Take A $2.5B Hit; Shares Fall Newmont Earnings And Revenue Miss Estimates In 1Q; Shares Plunge 3%
Driving ahead in pursuit of growing the hydrogen economy, Plug Power (NASDAQ: PLUG) is partnering with BAE Systems (OTC: BAES.Y) to develop hydrogen-powered electric buses for the North American market. Plug Power announced today that it will provide its ProGen fuel cell engines to BAE Systems, which will incorporate them into its smart electric-drive systems. The integrated powertrains will then be delivered to original equipment manufacturers of heavy-duty transit buses in North America.