Plug Power is one of the many fuel-cell stocks on the rise this week. A new report showed that carmakers are starting to focus on hydrogen fuel-cell technology, planning to release prototypes by 2030.
Last week, we discussed how FuelCell Energy sent investors into a frenzy after releasing better-than-expected earnings for the quarter. This week, fuel-cell stocks remained in focus, especially since many carmakers show heightened interest in hydrogen fuel-cell technology.
The next sections discuss one of the main gaining stocks in focus this week – Plug Power, increasing by more than 10% in the last five trading days.
How & Where to Buy Plug Power Stock Online
Plug Power (NASDAQ: PLUG) can be bought online after registering with an online broker. If you want to gain exposure to the rapidly developing fuel-cell stocks, you may also invest in an ETF that provides exposure to this industry. You can invest in these assets and many more by registering with one of our recommended brokers:
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What Is Plug Power?
Plug Power manufactures and sells hydrogen fuel cell systems with the potential of replacing standard batteries in electricity-powered vehicles and equipment.
Should I Buy Plug Power Today?
Plug Power is one of the many fuel-cell stocks on the rise. Investors’ interest sparked after a report by Reuters indicated that giant carmakers are now investing in hydrogen fuel-cell technology to replace electric batteries. In the next few years, BMW is planning to release a mass-market model that uses hydrogen technology. Similarly, the Audi brand, owned by Volkswagen, has already announced a few prototypes. This increased interest led to a surge in fuel-cell stocks prices. Plug Power was one of the main ones to gain this week, rising by more than 10%.
However, when picking stocks, it’s also important to look into company-specific factors to ensure your chosen business has growth potential. You can do so by focusing on fundamental factors, management, and business strategy, among others, to assess its viability.
Alternatively, you can invest in an ETF with exposure to this nascent industry, such as Direxion Hydrogen ETF. This limits your exposure to company-specific risks and allows you to add a basket of assets to your portfolio in only one transaction.
Plug Power Price Prediction 2021
Currently trading at about $27.77 per share, Plug Power is expected to reach $78 in the next 12 months. Analyst Pearce Hammond has recently upgraded its prediction for Plug Power, expecting a 20% gain from the current price.