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Plug Power Inc (PLUG) Gets the Thumbs Up From FBR

A day after announcing that it has reached a major agreement with Amazon.com, Inc. (NASDAQ:AMZN), Plug Power Inc (NASDAQ:PLUG) is once again in the headlines after Carter Driscoll of FBR upped his price target on the equity to $3 per share from $2.5. In particular, Driscoll believes Plug’s Amazon deal could be ‘very beneficial’ and ‘potentially a transformative one’ in the long run, whose importance ‘cannot be overstated’. Yesterday, Plug Power Inc (NASDAQ:PLUG) announced it has reached an agreement for Amazon to use Plug’s fuel cells and hydrogen technology in its fulfillment network. At certain fulfillment centers, Amazon.com, Inc. (NASDAQ:AMZN) will power its industrial equipment such as forklifts using Plug’s GenKey technology which will likely reduce costs through faster charging times.

In terms of deal impact, Plug expects sales associated with the commercial agreements to come in around $70 million in 2017. To put that in perspective, Plug reported full year-GAAP revenue of $85.9 million for full year 2016 and had only expected $130 million in GAAP revenue for full year 2017 before the Amazon news. Needless to say, FBR has an ‘Outperform’ rating.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

The smart money as a whole was slightly more bullish on Plug in the fourth quarter than in the third quarter. Of the 742 elite funds we track, 4 funds owned $13.18 million of Plug Power Inc (NASDAQ:PLUG) and accounted for 6.00% of the float on December 31, versus 2 funds and $721,000 respectively on September 30.

The Bottom Line

Plug Power Inc (NASDAQ:PLUG) shares are trending due to a Wall Street analyst price target hike. For more reading, check out ‘11 Best Countries in Renewable Energy‘.

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