Plug Power Stock Surges Over 34% on Analyst Upgrade, Europe Delivery
H.C. Wainwright more than doubles its price target to $7.00, citing growing cost-competitiveness for the green hydrogen industry.
Shares of Plug Power (PLUG) skyrocketed over 34% on Friday, capping a month that has seen the hydrogen fuel cell company's stock climb more than 120%. The rally was ignited by a combination of a significant analyst price target increase and a major operational milestone in Europe.
Fueling the investor frenzy, H.C. Wainwright reiterated its 'Buy' rating on the company and . The firm noted that rising electricity costs and growing support for nuclear power are creating a favorable environment for green hydrogen, significantly enhancing its cost-competitiveness against traditional fuels.
The bullish analyst note coincided with company news that it had achieved the to Galp's Sines refinery in Portugal. This delivery marks a critical step in developing one of Europe's largest green hydrogen production facilities, demonstrating Plug Power's ability to execute on large-scale international projects.
The day's trading saw the stock hit a new 52-week high, with shares closing at $3.79. The move was backed by heavy trading volume and pushed the stock's price well above its 50-day moving average of $1.77, a strong bullish indicator for market technicians. The surge reflects growing investor enthusiasm not just for Plug's core business, but also for the potential application of hydrogen power in energy-intensive sectors like AI data centers.
This confluence of positive operational news and renewed Wall Street confidence suggests a significant shift in momentum for Plug Power. As the company continues its expansion in Europe and the green hydrogen market gains traction, investors will be closely watching to see if this rally has staying power.