The shares of Plug Power now offer a buying opportunity, according to Vetr Crowd, a firm that offers crowdsourced stock ratings.
In fact, one of the members of the stock rating firm considered Plug Power as a “long-term play” and predicted that the stock will eventually trade above $6.00 per share.
Vet Crowd has a 3.5 stars rating on the shares of Plug Power with a price target of $2.14, a 9% upside. A majority (66.7%) of the members of the stock rating firm are bullish on the stock.
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Wall Street analysts are also bullish on the company’s stock but differ with Vetr Crowd when it comes to its potential upside.
In July, analysts at Craig-Hallum initiated coverage on Plug Power with a Buy Rating and a price target of $3.50 per share. Analysts at Dougherty & Company also initiated a Buy rating on the company’s stock with a price target of $3.70 per share.
Plug Power has long-standing relationship with industry leaders
Plug Power is a provider of modern fuel cell technology, and it is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs, and reduce carbon footprints.
The company has long-standing relationships with industry leaders including Wal-Mart Stores, Sysco Corporation, Procter & Gamble, and Mercedes-Benz. Plug Power already deployed 6,500 GenDrive units to material handling customers.
Last month, the company added Colruyt Group to its list of GenDrive fuel cell customers in Europe. Colruyt Group is a supermarket leader in the region. It will use 200 GenDrive units in its facility in Halle, Belgium.
Building a big business
Plug Power was selected as one of the fast growing companies in North America last month. Its name was included in Deloitte’s 2015 Technology Fast 500. The company’s CEO Andy Marsh said the rapid adoption of its streamlined GenKey hydrogen and fuel cell solution contributed to its growth.
“We are building a big business at Plug Power. We’re making all the necessary moves to enable Plug Power to achieve $500 million in sales within the next three to five years,” said Mr. Marsh.
The shares of Plug Power are trading at $2.07 per share, up by 5.66% at the time of this writing around 2:51 in the afternoon in New York. Over the past 52 weeks, the company’s stock traded between $1.55 and $3.38 per share.
The lost more than 31% of stock value year-to-date. However, the company managed to recover 11% of stock value over the past month.