Plug Power Inc. (PLUG) shares are moving higher Thursday as investors digest news about a Walmart partnership and the company's evolving financial picture.
Plug Power Climbs on Walmart Deal and Debt Refinancing Progress
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The Walmart Connection
According to a recent SEC filing, the hydrogen and fuel cell company struck a deal with the retail giant. The agreement gives Walmart contingent, limited-use access to escrowed GenKey System-related materials. More importantly, Plug Power will assist Walmart in identifying and qualifying alternative stack suppliers—suggesting the retailer is looking to diversify its hydrogen infrastructure options.
Cleaning Up the Balance Sheet
Late last year, Plug Power tackled its debt problem head-on, refinancing expensive 15% debt with a convertible note offering worth more than $430 million. The company has also been making headway on new projects in France and Namibia, potentially expanding its international footprint.
What Analysts Think
The analyst community remains cautious overall, maintaining a hold rating consensus. Last month, Clear Street analyst Tim Moore upgraded the stock from hold to buy, though he lowered his price target from $3.50 to $3.
PLUG Price Action: Shares were up 3.51% at $2.36 at the time of publication.
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