High-growth hydrogen fuel cell company Plug Power (NASDAQ:PLUG) is up big today ahead of Tuesday’s anticipated fourth-quarter 2021 earnings report. PLUG stock is up nearly 14% this morning as investors hope the startup shows signs of profitability.
What’s going on with Plug Power today?
Well, investors seem to be up on on the electric solutions company as of late. Many analysts expect it to beat estimates on its March 1 earnings call. Plus, Plug has recently made a number of headline-grabbing deals which seem to have caught investors’ eyes.
Earlier this month, the company announced a new joint collaboration agreement. Plug Power is working with Atlas Copco — specifically, the turboexpander technology center Atlas Copco Mafi-Trench Company — and Fives to develop hydrogen liquefaction plants. Fives is an industrial engineering group with experience in “cryogenic cold boxes” and heat exchangers. This joint deal also comes hot on the tail of Plug’s acquisition of Joule Processing in January.
Plug Power has always been a company with enormous potential in the emissions-less space, but it has only continued to report losses. It seems Plug’s latest whirlwind of partnerships has analysts once-again bullish on the tech-forward company, however.
Let’s see what the experts think about PLUG stock going forward.
3 Analysts Weigh In on PLUG Stock
Susquehanna analyst Biju Perincheril recently updated price targets on Plug Power and was optimistic. Citing top-line growth potential in the hydrogen ecosystem, Perincheril set a price target of $26. While this isn’t far from today’s price point, at the time of publication, PLUG stock was trading for just below $20.
Morgan Stanley Analyst Stephen Byrd is overwhelmingly bullish on Plug Power. Byrd gave the company an “overweight” rating and set a massive $65 price target. Citing its recent purchase of Joule, Byrd believes the company’s long-term revenue sources continue to strengthen.
Finally, according to the 12-analyst panel at Tipranks, the stock is a “Strong Buy.” The analysts set an average 12-month price target of nearly $42, representing 62% upside. Of the 12 analysts, nine rated the company a buy while three recommend it as a hold.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
