We believe that Plug Power (NASDAQ:PLUG) is the most attractive hydrogen stock on the market right now. The company has a dominant position in the transportation industry, the demand for its hydrogen fuel cell solutions is only going to increase, and the recent influx of cash will help it to drive growth. Considering this, we decided to acquire Plug Power shares before its earnings this Thursday and plan to increase our stake in the company even more if its shares depreciate after the Q4 conference call later this week, as there’s every reason to believe that the growth is far from over.
Hydrogen Is Here to Stay
Plug Power is one of the biggest providers of clean hydrogen fuel cell solutions in the world. The company was founded in 1997, it went public in 2002, and currently, it has a presence all over the United States. At the moment, its major business is the powering of indoor forklifts with its hydrogen fuel cells for companies like Nike (NKE), Whole Foods, Walmart (WMT), Amazon (AMZN), and others.
In addition, in 2017, Plug Power delivered the first hydrogen fuel cell engines to USPS for its forklift fleet, and as a result, the company now has a 95% market share for hydrogen fuel cells in the transportation industry. Thanks to the growth of Plug Power’s business last year, the company’s stock experienced incredible growth since May of 2020 and significantly outperformed S&P 500.
Chart: Seeking Alpha
The latest earnings report for Q3 showed that the growth of Plug Power’s business is far from over, since the company’s revenues during the period increased by 79.9% Y/Y to $106.99 million, above the consensus by $1.23 million. In addition, its adjusted EBITDA in Q3 was $24 million. In late January, the company said that it
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