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.
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