This analysis means that I expect the price of Plug Power stock to rise by 75 per cent between now and year’s end. This is by using the recent support and resistance levels, where the $46 price level is a long-term support level that was the last hit on November 22, 2021. I also expect that by the end of the year, the Plug Power stock price will be trading at slightly above $46. Looking at the daily chart below, I expect the prices to trade within the blue shaded area between now and the end of the year. The recovery is an indication that the prices may have reversed, and Plug Power has entered a long-term bullish trend. Today’s prices are also 50 per cent higher than the yearly price lows that were hit on January 28. Although the current upward trend may be a retracement, and the prices are likely to continue with the long-term downward move, my Plug Power stock forecast for 2022 is bullish. Today’s trading session also marks the second consecutive day that Plug Power is gaining in the markets. This will likely lead to a rise in the Plug Power stock prices. The movement is also likely to push for a higher demand for Plug Power products in the coming years. The clean energy movement meant to address the current energy crisis, greenhouse gases, and the overall impact of non-renewable energy on the environment have also become a central issue in the development of electric cars. In addition, the transition is likely to cause high demand for hydrogen fuel cells that Plug Power manufactures. This is predicted to impact the electric vehicle industry as people run away from high gas prices. The Russian invasion of Ukraine is already disrupting the oil and gas industry, leading to a surge in prices. Plug Power is poised to be among the companies gained during the current political turmoil involving Russia and Ukraine. The company also had a debt to asset ratio of 22.59 per cent, which is not bad for a big company like Plug Power. The 2021 financial report also showed that the company had assets worth $5.95 billion and liabilities of $1.34 billion. when they recorded a revenue of $306 million. This was a significant improvement from 2020. The financial records also show that the company had revenue of $502 million. Although this loss was almost half a billion, it was a huge improvement to the 2020 financial year, where the company recorded a loss of $596 million. In 2021, the company recorded a net income of -$459 million. However, the last few years offer a glimmer of hope about the changing tides of the company’s financial situation. Since its founding, Plug power has struggled to turn a profit. This was followed by introducing 125 KW ProGen fuel cell engines designed for electric delivery vehicles in 2020 for class 6,7, and 8 trucks and heavy-duty offroad equipment. In 2017, the company shipped its first ProGen Fuel cell engines designed for electric vehicles. The past few years have also seen the company make significant milestones in establishing itself as a hydrogen fuel cell distributor leader. However, investors continue to wait for the company’s breakthrough moment. As a result, the company has relied on its shareholders’ funds for its operations. However, since its founding, the company has also struggled to profit. Although the company has a history worth a quarter of a century, its solutions have gained traction in the past few years, with many companies starting to develop electric vehicles. The company is headquartered in Latham, New York, and has facilities in Spokane, Washington and Rochester, New York.Īt its core, the company is engaged in developing hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. In 1997, the company had its initial public offering at $15 per share. Plug Power was founded in 1997 and was a joint venture between DTE Energy and Mechanical Technology Inc.
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