Plug Power Inc. (NASDAQ: PLUG)
Plug Power Inc. (PLUG), an alternative energy company on Thursday celebrated National Hydrogen and Fuel Cell Day. The company’s CEO made comments at the event which promoted awareness of the viability of fuel cell and hydrogen technologies, and the benefits it has to the environment.
Plug Power Inc. CEO Comments
“Plug Power is proud to be one of the many organizations participating in National Hydrogen and Fuel Cell Day,” said Andy Marsh, CEO of Plug Power. “Increasing numbers of distribution center and stationary power customers are choosing to implement our solutions because they make sense economically, operationally and sustainably. We are honored to be generating a positive impact in the industry.” Globe Newswire
PLUG Technical Analysis
PLUG gapped up in price on Friday to $2.22, up from the prior day’s close of $2.19 which is only a 1% increase in price. Taking a look at the daily chart, we can see the last time the stock traded above this price level was on September 22nd when the stock reached a high of $2.24. Taking a further look back on the chart we can see the stock has been falling ever since August 3rd when it was trading at highs of $2.85. However, recently the stock has put in an attempt to rally. With Friday’s spike up, the stock has reached the level of the last spike and it will be interesting to see if the stock can break through the $2.20 price level and use it as a support level to move higher. The stock traded over 1.5 times the normal daily trading volume. The stock reached pre market highs of $2.25 meaning that it only gave back $0.03 at the open equivalent to 1%. For trading purposes, my entry point would have been $2.25 looking for a run up to $2.50. My stop loss would have been $2.15 fearing anything below that and the stocks move up would have stalled.
Company Profile
Plug Power Inc., an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of fuel cell systems for the industrial off-road markets worldwide. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies. The companys product line includes GenKey, a turn-key solution for transitioning material handling vehicles to fuel cell power; GenDrive, which is a hydrogen fueled PEM fuel cell system that provides power to material handling vehicles; GenFuel, a hydrogen fueling delivery system; GenCare, which is an ongoing maintenance program for GenDrive fuel cells and GenFuel products; and ReliOn, a stationary fuel cell solution that provides scalable and modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. The company sells its products to businesses and government agencies through direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was founded in 1997 and is headquartered in Latham, New York. Yahoo Finance
