Could Plug Power Stock Help You Become a Millionaire?
Plug Power (NASDAQ: PLUG) stock is 57% off its high price of more than $73 this year. However, it is up nearly 22% so far in October compared to a 3.8% rise in the S&P 500 index. Some recent developments have investors charged up once again for the fuel cell maker's stock. Let's take a closer look at Plug Power's recent performance and its growth prospects.
Plug Power has a long history of incurring losses. The company has primarily been focused on its materials handling business and hasn't been able to turn that profitable so far. It now seems to be aiming to change that. Plug Power recently announced its financial targets for 2025. These differ in some important ways from its previously announced targets for 2024. The first major point is Plug Power's increased focus on the green hydrogen market.
In its September 2020 update, Plug Power provided a gross billings target of $1.2 billion for 2024. It expected just $200 million of this coming from its green hydrogen business. However, in its update last week, Plug Power estimated $1.5 billion in revenue coming solely from green hydrogen business by 2025. That's more than seven times the company's 2024 revenue estimate from this market.
Source Fool.com
