4/7/2023 0 Comments Plug power stockHydrogen stations are being built out right alongside EV chargers. Now, imagine that being the case with hydrogen stations. Most of the time, you can't drive five miles without seeing a gas station on the side of the road. It's time to dive deeper and look at what sectors will benefit most from EVs becoming normal. And Tesla's growth even threatens to halt on souring relations with China and increasing competition in the EV industry. Most of the growth we've seen out of Tesla has likely been realized for the time being. You could look at flashy EV stocks like Tesla Inc. Allied Market Research says it could hit $802 billion by 2027, which would be a 395% growth target from $162 billion in 2019. The electric vehicle industry is projected to soar within the next decade. Hyperbolic growth could very well be the reality, with what we expect from the EV industry in the coming years. Now that it's recovering at 60, Plug stock could either break through and surge over a few months or flatline. This meant the stock was losing momentum. Previously, the stock was in "oversold" mode with under 50 RSI, priced at its lowest level in the last 12 months. There tends to be resistance on the RSI chart around 50 and 60. RSI basically shows whether the stock is overbought or oversold. ![]() One reason we know Plug has found bottom is that the relative strength index (RSI) is currently above 60, indicating more support for the stock than when it started falling from $48 with an RSI below 50. The all-time high for Plug stock is around $66, and it could likely bounce higher than that in the next several months alone. The stock has since fallen from a 100-day moving average of $39 to $29 as a new "support" range. In March 2021, said if Plug stock doesn't break $48, it will slide further toward $30. ![]() Now, here's when you should buy Plug stock. Really, hydrogen fuel is a massive trend backed by more than "fools." And most analysts agree it will at least play some role in replacing gas. In that event, we can expect Plug stock to go as high as $150 by 2025, which would be a 313% return. Projection firm WalletInvestor has it hitting $82 by 2025, but if Plug manages to pop 168% this year alone, it would mean hydrogen is taking off. Thus, it should come as no surprise that the high analyst target for Plug Power stock is $78, or 168%, over the next 12 months. That's all to say that hydrogen does appear to have a promising future, especially in vehicles. Honda has a similarly large commitment to hydrogen, with nearly 1,100 hydrogen fuel cells on the road in the United States.īoth companies are teaming up with Shell Oil to build new hydrogen fueling stations in California.Īnd California aims to build 200 hydrogen stations by 2025. The world's second-largest automaker has sold 5,000 of its hydrogen fuel cell car, the Mirai, since it launched in 2015. That's why Toyota is so invested in hydrogen. However, he was careful to add that this doesn't take away from the viability of hydrogen as a gas alternative. ![]() It turns out a Toyota engineer, Yoshikazu Tanaka, agrees that it's better to charge an EV by plugging in rather than using hydrogen as constant fuel. Hydrogen fuel cells are their bread and butter. If he and Musk are right, it would have hugely negative implications for companies like Plug. He doesn't like hydrogen power and doesn't see much of a future in it. These are the guys that agree with Elon Musk, like Barclays' Moses Sutton. The growing EV market and the growing power of the Plug name make it hard to get behind the few remaining bearish analysts. Plug Stock Forecast 2025ĭespite the sad performance of this stock recently, investors are still incredibly bullish on Plug Power. Tell it to the majority of analysts who agree that Plug Power stock could double or triple within the next decade. Tell it to the 1,000 auto executives surveyed in 2017, who said hydrogen fuel cells would ultimately outperform battery-powered EVs. Tell it to the over 23,000 forklifts running on hydrogen today. The person who said it, of course, Elon Musk, benefits from tearing down hydrogen fuel cells, promoting his own Telsa lithium-ion battery. Yes, you'll find varying opinions on the matter, namely Elon Musk calling hydrogen fuel cells "fool cells" and even "mind-bogglingly stupid."īut often, Musk-isms like these can be explained away by asking, "Who benefits?" Or, who's got the most at stake in making such a claim? This is primarily in electric vehicles, but it extends to other battery-powered areas as well. ![]() Plug Power develops hydrogen fuel cell systems expected to eventually replace conventional batteries. This company stands for the future of something far bigger than transportation.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |