Quick Win by the Algorithm: GenDrive Drives Plug Power To Success

Quick Win by the Algorithm

On March 22nd, 2017,  the I Know First algorithm had predicted a bullish forecast for Plug Power Inc (PLUG). PLUG had a signal of 44.29 and a predictability of 0.11. The company reported gains of 14.29% in just 3 days and therefore, a quick win by the algorithm.

Quick Win By The Algorithm

Plug Power Inc., an alternative energy technology provider, engages in the design, development, commercialization, and manufacture of hydrogen fuel cell systems primarily for the material handling and stationary power markets in the United States. The founders of Plug Power Inc. established the company in 1997, and is headquartered in Latham, New York.

Quick Win By The Algorithm

On March 9th, Plug Power announced its 4th quarter and full year results for 2016. Andy March, CEO of Plug Power, also announced 2017 objectives. This includes goals relating to revenue, sales, gross margins, and GenKey and GenFuel installations.

The company reported a 4Q revenue of $32.6 million and a full year 2016 revenue of $85.9 million. Moreover, Plug Power ended the year with $46 million in cash. Andy was happy with these results and feels optimistic about 2017, saying the company’s position as “leader in hydrogen fuel cell technology” will continue due to the deployment of 1,204 GenDrive units.

In addition, Andy March comments on goals of 2017, saying “we will ship over 5600 GenDrive units, build 25 fueling stations, this will result in GAAP revenue of over $130 million, a growth of over 50% from 2016. Margins will be between 8% to 12% and the company will be EBITDA breakeven in the fourth quarter.”

After successful year results and an announcement for new GenDrive units, Andy March predicts a bullish forecast. This coincides with the I Know First Algorithm forecast.

This bullish forecast on PLUG was sent to current I Know First subscribers on March 22th, 2017. 

Before making any trading decisions, consult the latest forecast as the algorithm constantly updates predictions daily. While the algorithm can be used for intra-day trading the predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.