Shares of Plug Power Inc (NASDAQ: PLUG), a fuel-cell manufacturer, rallied Monday hitting its highest intraday level in nearly three months after Japanese Prime Minister Shinzo Abe discussed subsidies for fuel-cell vehicles as a strategic growth opportunity for the country. The shares of the company experienced a strong upward share price momentum after climbing more than 10% during each of the past two consecutive trading days with significant number of shares exchanging hands. In the last trading session, PLUG was among the top performer in the U.S. energy space after rising 13.1% and ended at $5.69 while recording huge volumes of 57.3 million shares. During the last 5-trading sessions, PLUG gained 36.1% with 5-day average trading volumes of 29.9 million shares, while the stock accumulated over 18% during the past one month with daily average trading volumes of 15.4 million shares. We note that the stock has provided returns of over 267% year-to-date.
Moreover, Roth Capital maintained its neutral rating on the stock boosting the 12-month target price by $1 to $4.75. The investment bank notes that the company will observe better shipments during the second and third quarters of the year. PLUG is targeting deployment at its four sites during the third quarter, which would suggest total shipments of around 1,000 fuel cell units. This year, the company expects to record total bookings of approximately $150 million after recording $80 million worth of bookings as of April, and have also won a multi-site order from Wal-Mart Stores, Inc. to deliver 1,738 fuel cells over the next two years.
Company Description:
Plug Power Inc (NASDAQ: PLUG) designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment. The company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.
1-Year Stock Chart:
Source: Bloomberg
