Plug Power (NASDAQ: PLUG) had previously surged over 4% in the month of October. According to the information provided by S&P Intelligence, recently, the company soared higher by 89% in November. The company has also revealed strong earnings in the 3rd quarter report that has boosted the shares within the previous month.
Nonetheless, potential investors have been surprised by more than one reason. The influential bullish stance of Wall Street regarding PLUG stock and the progress of the enterprise in the development of their network of green hydrogen has given further catalysts to the upswing of the movement of the stock.
Future Of PLUG Stock
During the 3rd quarter, numerous stock market companies witnessed a considerable decline owing to the COVID-19 pandemic. On the other hand, Plug Power has shown a reverse side by improving its Q3 earnings. They have reported gross earnings of $126 million with a massive 106% annualized increase. There are several other indications of the impressive performance put up by the company.
Presently, investors are asked to consider continuous substantial growth in the stock market. At the time of the quarterly report presentation, the administration revised the estimates of gross billings of 2020 from $310 million to $328 million and a target of $450 million in 2021.
PLUG has maintained a rating of “outperform” in Q3. Oppenheimer increased the aim price to $23 from $13 while Craig Irwin raised it to $22. B. Riley and Craig-Hallum increased to $24 and $26, respectively.
They have raised almost $1 billion which is the largest raise of capital. They intend to operate all 5 facilities within 2024.