Shares of Plug Power, Inc. (NASDAQ:PLUG) are rising Thursday. Here’s why the stock is trending.
Walmart Partnership
In a recent SEC filing, the hydrogen and fuel cell company said it entered into an agreement with retailer Walmart to give it contingent, limited-use license to access and use certain escrowed GenKey System-related materials. The agreement says that Plug Power will help Walmart identify and qualify alternative stack suppliers.
Analyst consensus has the stock at a hold rating. Last month, Clear Street analyst Tim Moore upgraded the stock from a hold to a buy and lowered the price target from $3.50 to $3.
Recent Debt Fix
Late last year, Plug Power refinanced expensive 15% debt with a convertible note offering worth more than $430 million. The company also made significant progress on new projects in France and Namibia.
Plug Stock Rises
PLUG Price Action: Shares were up 3.51% at $2.36 at the time of publication, according to Benzinga Pro.
Read Next:
Image: Shutterstock.com
