The shares of the hydrogen specialist Plug Power have conjured up an incredible rally on the trading floor in recent months. And the fuel cell specialist is supplying new fuel for further rising prices. Plug Power is entering into a strategic alliance in Asia with the Korean SK Group.
Under the terms of the investment, a US subsidiary of SK Group will make a $1.5 billion investment in Plug Power by acquiring approximately 51.4 million shares of common stock at a price of $29.2893 per share.
Plug Power was able to record a premium of 30% in the past four weeks. In six months it was up a full 215%. In addition, the stock gained a total of 814% in one year.
According to SDW Investing, this is the list of the best performing large cap stocks in 2020:
10) $NIO +1,269%
9) $PLUG +896%
8) $TSLA +723%
7) $MRNA +491%
6) $ENPH +488%
5) $FTCH +435%
4) $ZM +435%
3) $RUN +386%
2) $SE +384%
1) $PTON +376%
As we can see first three spots are taken by clean energy stocks, NIO, PLUG and TSLA. Plug Power had produced minimal disappointments in the past few days. After taking profits, the shares of Plug Power did not move in the first days of the new trading year. But following the announcement made after the closing bell on Wednesday, PLUG shares skyrocketed once again, this time more than 25% during after hours trading session.
The upward trend and the price target of the value remains undoubtedly brilliant.
Joe Biden has announced that he wants to rejoin the UN climate protection agreement. On this basis, Plug Power will be the favorite within the hydrogen and fuel cell stocks. This also explains the supremacy in the chart development.
Technical analysts see the green light practically everywhere. The share already has a lead of more than 60% on the 200 moving average line. A stronger base can hardly be imagined.