What Happened?
Shares of fuel cell technology Plug Power (NASDAQ: PLUG) jumped 5.8% in the afternoon session after the stock extended its positive momentum as investors reacted positively to analyst commentary highlighting strong sales momentum and recent business developments, including new partnerships and contract extensions.
Despite BTIG reiterating a "Hold" rating, the market focused on the firm's positive operational commentary. The analyst noted robust sales of Plug Power's Electrolyzer products, which more than tripled year-over-year to $45 million in the second quarter, driving a 21% increase in total revenue. Further bolstering investor confidence, the company recently extended its contract with logistics firm Uline through 2030 and formed a new partnership with Brazil-based GH2 Global to deploy hydrogen-powered infrastructure.
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What Is The Market Telling Us
Plug Power’s shares are extremely volatile and have had 97 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 1 day ago when the stock gained 1.4% on the news that BTIG reiterated its Hold rating on the company, with the market focusing on commentary highlighting strong sales momentum.
Plug Power is down 27.2% since the beginning of the year, and at $1.70 per share, it is trading 46.2% below its 52-week high of $3.15 from January 2025. Investors who bought $1,000 worth of Plug Power’s shares 5 years ago would now be looking at an investment worth $131.06.
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