Plug Power (NASDAQ:PLUG) +33.7% in Friday’s trading to a new 52-week high $3.95 as H.C. Wainwright raised its price target to a Wall Street-high $7 from $3 and maintained its Buy rating, extending the stock’s gain since October 1 to nearly 70%.
Green hydrogen is likely to become increasingly price competitive if electricity prices continue to trend higher, making a stronger case for adoption, Wainwright analyst Amit Dayal said, now expecting Plug (NASDAQ:PLUG) to generate $11 billion in revenues by 2035 compared to his previous estimate of $7 billion.
Wall Street consensus sees Plug’s (PLUG) 2025 sales totaling $711 million, up from $629 million in 2024, and the company is not expected to make an operating profit until 2029.
Earlier this week, Plug (PLUG) said it delivered its first 10 MW GenEco electrolyzer array to Portuguese energy company Galp, and if Plug is able to deliver the full order in time for an H1 2026 startup, “that would be viewed very constructively by the market,” UBS analyst Manav Gupta wrote. “Improving execution is the key to re-rate in this name.”
Plug (PLUG) shares are heavily shorted, with more than 40% of the stock available for trading having sold short, meaning price moves can be volatile, Adam Clark of Barron’s noted.