On August 10, we noted, “Plug Power missed on earnings. However, don’t count the stock out just yet. Analysts are still bullish with the new climate bill. RBC Capital Markets, for example, just raised their price target on PLUG to $29 from $18, with an outperform rating. Analysts at KeyBanc also raised their price target to $32 with an overweight rating.”
At the time, PLUG traded around $26.35. It’s now up to $30, and could see higher highs.
All after striking a deal with Amazon to power some of its operations.
According to CNBC, “Amazon said Plug will supply 10,950 tons of green hydrogen per year for its transportation and building operations starting in 2025. Amazon expects Plug to provide enough green hydrogen to power 30,000 forklifts or 800 long-haul trucks. As part of the deal, Plug said it granted the e-commerce giant a warrant to buy up to 16 million shares at an exercise price of $22.9841 for the first 9 million shares. Amazon agreed to spend $2.1 billion on Plug products over the seven-year term of the contract in order for its warrants to fully vest.”