(GLOBE NEWSWIRE) Plug Power Inc. (NASDAQ:PLUG) announced it has closed out the third quarter of 2014 with 857 GenDrive units shipped to material handling customers in North America. This equates to a 450% increase compared to the third quarter of 2013, when 155 GenDrive units were shipped.

During the quarter, GenDrive shipments went to Plug Power Inc. (PLUG) customers including BMW, Walmart (USA), Walmart (Canada), Procter & Gamble, Mercedes-Benz, Kroger, Stihl, UNFI and Volkswagen. In addition to the GenDrive units, the company is also building and deploying GenFuel systems at customer sites including Volkswagen, Kroger, FedEx and Walmart.  Read the full press release here.

Stock Performance

Taking a look at the company’s recent performance, Plug reported second quarter earnings for fiscal 2014 on August 14th .  The company reported actual earnings per share of $0.04 like the consensus Street estimate of $0.04  This represents year over year decline of 250%.  Plug posted revenue of $17.3 million against estimates of $16.73 million.

Plug is currently valued at $738.91 million and closed the last trading session at $4.41.  The stock has a 50-day moving average of $5.29 and a 200-day moving average of $5.29 as well.

Is this a Buying Opportunity?

There are currently four analysts that we track that cover the stock.  Of those four, three have a Buy rating and one has a Hold rating.  On a consensus basis this yields a score of 2.75 and a Buy.  The combined price objective of these covering analysts is $6.72, which represents a 54.41% upside difference to the last closing price.

The most recent analyst activity consisted of Cowen and Company reiterating their Outperform stance on the company.  On the date of the report, the stock closed at $5.92.

Another research firm weighing in recently was Roth Capital who Boosted their rating on the stock.  On August 15th Roth Capital upgraded their price target on the stock from $4.75 to $6.15, or a 41.38% upside to the current price.  On the day of the report, PLUG shares closed at 5.92

Company Profile

Plug Power Inc. (NASDAQ:PLUG)an alternative energy technology provider, is engaged in the design, development, manufacture, and commercialization of fuel cell systems for the industrial off-road markets worldwide. It is focused on proton exchange membrane (PEM) fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies. The company’s product line includes GenDrive, a hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenKey, its turn-key solution offering simplicity to customers transitioning their material handling vehicles to fuel cell power; GenFuel, its hydrogen fueling delivery system; and GenCare, its ongoing maintenance program for both the GenDrive fuel cells and GenFuel products

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Stock Watch: Plug Power Inc. (NASDAQ:PLUG)
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