Plug Power Stock Keeps Surging. What’s Driving the Optimism.

Plug Power stock has risen nearly 80% this year. (Courtesy Plug Power)

Key Points

• Plug Power’s stock increased by 24% to $3.515 in early trading, more than doubling in the past month.
• H.C. Wainwright analysts raised Plug Power’s price target to $7 from $3, maintaining a Buy rating.
• Over 40% of Plug Power’s available stock has been sold short, indicating potential for volatile price movements.

Plug Power stock soared Friday after the country’s largest producer of clean hydrogen got a new highest price target on Wall Street.

Plug Power stock skyrocketed 24% to $3.515 in early trading. The shares have more than doubled in the past month.

H.C. Wainwright analysts raised their price target on Plug Power to $7 from $3 and kept a Buy rating on the shares on Friday, pointing to rising electricity prices.

“We believe that if electricity prices continue to trend higher,
green hydrogen is likely to become increasingly price-competitive and case for adoption becomes stronger,” wrote H.C. Wainwright analyst Amit Dayal.

Dayal now expects Plug Power to generate revenue of $11 billion in 2035, up from $7 billion previously.

Wall Street projects 2025 sales of about $711 million, up from $629 million in 2024, and doesn’t expect the company to make an operating profit until 2029.

The average price target on Plug Power across analysts polled by FactSet is $2.33 a share, and the majority of analysts covering the stock have either a Neutral- or Sell-equivalent rating.

Plug Power shares are heavily shorted, with bearish investors borrowing stock and selling it, hoping prices will decline. More than 40% of the stock available for trading has been sold short, according to FactSet, meaning price moves can be volatile. High short interest can turbocharge any stock rally, with investors rushing to cover bearish bets to minimize losses if the stock rises.

The most recent corporate news came on Wednesday when Plug Power company said it had delivered its first 10-megawatt GenEco electrolyzer array to Galp, a Portuguese energy company.

“If Plug Power is able to deliver the full order in time for 1H [the first half of] 2026 startup that would be viewed very constructively by the market. Improving execution is the key to re-rate in this name,” wrote UBS analyst Manav Gupta in a research note.

Gupta is still skeptical on the stock, with a Neutral rating and $1.75 price target.

Write to Adam Clark at adam.clark@barrons.com