PLUG STOCK: Why is this new energy stock up 37% over the week?

PLUG STOCK: Why is this new energy stock up 37% over the week?

Power delivery (PLUG) The company’s stock rose on Wednesday and Thursday, posting a 37% gain for the week. An upbeat analyst note helped boost hydrogen’s beleaguered clean energy play, along with news that production at a new plant is underway. PLUG stock was volatile on Friday, falling at the close.


The Latham, New York-based clean energy company has increasingly focused its business on the green hydrogen supply chain, manufacturing fuel cells and electrolyzers, and providing storage and transportation solutions.

On Wednesday, PLUG stock rose 19.3% after Roth MKM’s Craig Irwin issued a bullish analysis note after visiting the company’s factory in Georgia. On Thursday, PLUG announced that its green hydrogen production plant had completed its first customer order, sending liquid hydrogen to… Amazon (Amzn), Walmart (and died) and Home Depot (High Resolution). Plug Power has struggled to meet hydrogen supplies despite signing customer contracts.

Irwin upgraded PLUG to buy with a $9 price target on shares, which have collapsed from all-time highs in 2021. In November 2023, Plug Power announced it needed to raise cash to fund continued operations. In January, the company then reported its approval of the share sale plan and also provided an update on the progress of the financing. However, the company’s financing remains a major concern.

Plug has struggled to link financing as industry shifts and its production has increased more slowly than expected, leaving it with heavy costs. Shares fell 94% between January 2021 and the end of November.

But CEO Andy Marsh told Barron’s on Tuesday that short sellers counting on further losses from PLUG shares may be making bad calculations.

“When investors tell me I’m great, I don’t really believe it,” Marsh told Barron’s. “When they tell me I’m homeless, I really don’t believe it.”

PLUG stock fell 0.9% to 4.66 on Friday during market action. Over the course of the week, PLUG stock advanced 37%.

Investors are waiting for the presidential election results to clarify clean energy stocks

Connect the power bank

The company went public in 2002. Plug Power’s legacy business is primarily supplying hydrogen fuel cells for forklifts in large warehouses. Its fuel cells replace traditional batteries in electrically powered equipment and vehicles. Plug Power customers include retail giants Amazon, Walmart, Nike (KE) and Home Depot.

But the company has increasingly shifted its focus to the hydrogen supply chain, aiming to become the world’s largest producer of green hydrogen. As a first step, it aims to produce more than half of its hydrogen energy from entirely renewable sources by 2024. It also aims to branch out from forklifts to heavy vehicles for port service in the United States and Europe, as well as fixed fuels. Cells to operate data centers and distribution centers.

In January 2021, PLUG price reached a high of 75.49. PLUG stock is up more than 4% so far in 2024.

sRent to follow Kit Norton on X, formerly known as Twitter, @ketnorton For more coverage.

You may also like:

Is Tesla a buy or sell?

Get full access to IBD stock listings and ratings

Learn how to pick great stocks? Read Investor Corner

Will Rivian be bought out now with the Cybertruck hype?

Stocks decline as Powell says March rate cut unlikely

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *