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It’s Time to Plug into PLUG Stock
The big picture off and on the price chart look increasingly promising for Plug investors
By Chris Tyler, InvestorPlace Contributor Feb 14, 2020, 9:38 am EST
For alternative energy outfit Plug Power (NASDAQ:PLUG), 2020 looks increasingly like a plug-and-play situation for its investors. But to avoid the larger risks with this type of investment, buying PLUG stock today goes beyond the price chart and simply seeing things optimistically.
No doubt 2019 was a good one for Plug investors. At the nadir of late 2018’s near-crippling market correction, shares traded as low as 99 cents. But bears trying to squeeze out that last bit of coin in share price have been punished.
The hydrogen fueling specialist continues to make strong strides in its plans of reaching $1 billion in sales over the next couple years. And shares have reacted strongly, rocketing higher the last 14 months by nearly 350% to $4.40. It’s not just wishful thinking on the part of management or investors, either.
Plug has defied skeptics by landing major deals with Walmart (NYSE:WMT) and Amazon (NASDAQ:AMZN) over the last couple of years. The company’s hydrogen fuel cell or HFC technology enables those retail giant’s forklifts to more efficiently power their commercial operations. And the buck, or should I say, the $60 million Walmart plans on sending Plug’s way this year or Amazon’s $70 million agreement, doesn’t stop there.
The most recent news is Plug has landed another major customer within this growing market as companies continue to look for innovative, less-costly and greener options to being competitive. The whisper is the $50 million deal could be with home improvement chain Home Depot (NYSE:HD). If that’s confirmed, could Lowe’s (NYSE:LOW) be far behind?
Bottom-line, the chase for retailers to remain competitive with the likes of Amazon and Walmart appears to be on its way. What’s more, there’s also plenty of fuel in the tank for a profitable ride on the price chart.