PLUG) is setting new records. Now trading over $11 a share, PLUG stock has booked gains of 270% so far in 2020. In a year when so many stocks have struggled, it is seriously outperforming the market. This is a new perspective for investors who have watched the stock fail to clear the $3 ceiling for most of the past five years.” data-reactid=”12″>Hydrogen fuel cell pioneer Plug Power (NASDAQ:PLUG) is setting new records. Now trading over $11 a share, PLUG stock has booked gains of 270% so far in 2020. In a year when so many stocks have struggled, it is seriously outperforming the market. This is a new perspective for investors who have watched the stock fail to clear the $3 ceiling for most of the past five years.
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It looks like Plug Power is finally hitting its stride. It’s still not profitable, but the company is making big moves, signing new clients and positioning PLUG stock for long-term growth.
InvestorPlace – Stock Market News, Stock Advice & Trading Tips” data-reactid=”31″>InvestorPlace – Stock Market News, Stock Advice & Trading Tips
After decades of struggle, environmental concerns have boosted demand for clean hydrogen power. Sure, PLUG stock has been sliding recently, but that movement appears to be in sympathy with another hydrogen player. Plug Power is just along for the ride. There is no need to worry. In fact, view the dip as a buying opportunity if you’re interested in adding PLUG to your portfolio.
Expanding to the United Kingdom
made a big announcement.
Landing the U.K.’s third largest supermarket chain means Plug Power now has the largest-scale deployment of hydrogen fuel cell technology in that country. This also gives it a bigger foothold in the European market.
The market responded to the news, pushing PLUG stock to a 31% gain over the next week.
All About Drones
report from Allied Market Research, the global market for commercial drones was valued at $2.15 billion in 2015. However, it is looking to hit $10.74 billion by 2022. Commercial drones are helpful for a diverse range of applications in sectors including agriculture, entertainment and construction.
key challenge in drone operation. Batteries limit the amount of time a drone can remain in the air. Operators must carry around mobile charge stations and collections of spare batteries. The drones must land frequently for battery swaps, which take time.
According to the company:
“Plug Power’s lightweight and rugged new 1kW fuel cell system is specially designed to deliver extended flight endurance and run times under the most demanding operating conditions. With a compressed hydrogen fuel source, the system outperforms the average lithium battery in terms of endurance by a factor of three to four. With liquid hydrogen fueling systems, this endurance advantage is extended to a factor of up to nine times.”
The Bottom Line on Plug Stock
second-quarter earnings highlighted by a narrowing loss that handily beat expectations, along with record gross billings. It’s expanding into a new market with its deal with U.K. supermarket chain Asda. The company is also expanding the application of its fuel cell technology with the release of new systems for the commercial drone market.
PLUG stock is at 10-year highs and has posted 270% growth so far in 2020. I’m not expecting to see that triple-digit growth pace continue, but PLUG is a solid pick. Interest in alternative energy companies is only going to accelerate, and that is nothing but good news for Plug Power and its shareholders.
