Plug Power, Inc. (NASDAQ: PLUG) is a fuel cell company squarely focused on customer productivity – and providing the power to move businesses into the future with cost-effective hydrogen and fuel cell power solutions that increase productivity, lower operating costs and reduce carbon footprints. Plug recently featured in World’s Most Innovative Companies for 2019. To date, Plug Power’s innovations have resulted in more than 25,000 units in the field, 180 million hours of fleet operation, and over 16 million hydrogen fills – officially the most in the world.
Hydrogen is the way of the future – specifically in mobility applications. We’ve proven this for a long time at Plug Power, and it’s incredible to have such a distinguished and forward-looking media company such as Fast Company recognize Plug Power, not only for the impactful work we’re doing today, but also the for the vast and comprehensive potential of hydrogen fuel cell power in the future,” said Andy Marsh, CEO, Plug Power.
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In the recent past, the company is rapidly reaching multiple significant milestones, and 2018 was a monumental year for Plug Power in many ways. Also, from an industry perspective Plug’ timing in entering this exciting market could not have been better. The industry is undergoing transformational changes throughout, with legacy players being disrupted by new innovative entrants who are uniquely providing aspirational solutions that consumers actually want to focus on.
If you are looking to invest in Fuel Cell Vehicle growth plays, you should research Plug Power which is a Leader in Hydrogen and Fuel Cell Technology.
The Company just released its 4Q financials. Plug Power Reported Breakthrough Fourth Quarter of 2018, with positive adjusted EBITDA; over 75% revenue growth versus 4Q 2017. Plug Power’s record-setting quarter is a result of its technical leadership and continued new product deployment, coupled with constant attention to improving service.
These focal points were key to delivering positive adjusted EBITDA for the first time in Company history. The organization successfully enhanced the reliability of its technology while serving a loyal customer base that allowed PLUG to spend the year further cementing its position as the industry’s global leader in hydrogen-powered electric mobility.
As PLUG close 2018 and move into 2019, the management expects continued traction in the material handling market and expect four major business announcements in 2019 in varied adjacent markets (some of them will be new e-mobility applications), affirming its confidence with 2019 forecasts for $235 to $245 million in gross billings and adjusted EBITDA positive in 2019.
Analysts’ views: Research firms are incredibly bullish about the performance of PLUG with most of them re-rated the company basis its solid business and market profile and comfortable liquidity and overall financial flexibility. Per www.marketbeat.com, the potential high price target for PLUG is $4.00. There are currently one hold rating and five buy ratings for the stock, resulting in a consensus rating of “Buy .” Considering all this, the company is in an extremely favorable risk-reward position, and value investors should consider exposure in this sector as the backdrop remains favorable.
Below are the excerpts of recent ratings by brokerage house:
About the Company: The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead-acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to adopt hydrogen fuel cell technology rapidly. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world.
Loyal and “Blue Chip” Customer base:
Industry Potential/Revenue driver:
4th Quarter Financial Summary:
- Revenue: Net revenue for the fourth quarter of 2018 was $59.8 million, versus net revenue of $31.1 million for the fourth quarter of 2017. Included in our financial results is a $2.3 million provision for common stock warrants reported as a reduction of revenue in fourth quarter of 2018, versus a $1.8 million provision recorded in the fourth quarter of 2017.
- Profitability: GAAP net loss attributable to common shareholders for the fourth quarter of 2018 was $16.9 million, or $0.08 loss per share. The GAAP net loss attributable to common shareholders in the fourth quarter of 2017 was $19.5 million, or $0.09 loss per share on a diluted basis. Adjusted loss per share in the fourth quarter of 2018 was $0.07, which excludes certain one-time charges.
- Cash and Liquidity: Operating cash flow used by operating activities for the full year 2018 was $57.6 compared to $60.2 million for the full year 2017. Overall the Company has recognized improvement in margin expansion and project financing programs with financial institutions that have been structured during the year. The Company anticipates these trends to continue improving its operating cash flow trends. As of December 31, 2018, Plug Power had a total cash position of $110.2 million, including cash and cash equivalents of $38.6 million and restricted cash of $71.6 million.
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Key risk factors and potential stock drivers:
- PLUG depends on a concentration of anchor customers for the majority of its revenues, and the loss of any of these customers may adversely affect the business, financial condition, results of operations and cash flows.
- Any unexpected time or cost overruns in the company’ ongoing product development goals may adversely affect its revenue and profitability. Therefore, timely completion of the projects without overruns would remain a critical stock sensitivity factor.
- The overall performance of the economy and the impact of the US-China trade dispute.
- The company operates in a rapidly changing fast paced industry. Therefore, it must continue to launch, innovate and enhance products to maintain its substantial market share.
On Friday, March 15th, 2019, PLUG closed at $2.20, with a substantial volume of 15.1 million shares exchanging hands. Market capitalization is $567.619 million. The current RSI is trending at 62.69
In the past 52 weeks, shares of PLUG have traded as low as $0.9900 and as high as $2.65
At $2.20, shares of PLUG are trading below its 50-day moving average (MA) at $1.61 and above its 200-day moving average (MA) at $1.78
The present support and resistance levels for the stock are at $3.31 & $2.25 respectively.
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