Plug Power Just Scored a Supply Agreement Win. How Should You Play PLUG Stock Here?
The extended deal with a 'leading' U.S.-based partner reduces costs, improves cash flow, and locks in hydrogen access through the end of this decade, the Latham-headquartered firm revealed in a press release on Wednesday.
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Including today's surge, Plug Power stock is up more than 150% versus its year-to-date low.
Investors are cheering PLUG shares this morning because the announced supply agreement lowers costs while securing long-term access to hydrogen – potentially improving the company's margin profile and cash flow moving forward.
Coupled with enhanced network efficiency and rising demand for clean hydrogen, the multi-year deal supports the aggressive scaling of the Nasdaq-listed firm's applications business.
In short, the extended contract de-risks PLUG's growth strategy and energizes investor sentiment.
Plug Power shares have already been on a tear in recent sessions – but an H.C. Wainwright analyst remains convinced they will extend gains further in the months ahead.
Earlier this week, the investment firm reiterated its 'Buy' rating on the clean energy stock with a $3 price target that indicates potential for another 68% upside from here.
According to analysts, the 'Big Beautiful' bill that President Donald Trump signed into law on July 4 will prove a meaningful tailwind for PLUG stock given it extends hydrogen tax incentives.
CFO Paul Middleton's recent purchase of 650,000 shares further substantiates the bullish narrative surrounding Plug Power stock.
While not as bullish as H.C. Wainwright, other Wall Street firms forecast continued gains in PLUG shares as well.
According to Barchart, the consensus rating on Plug Power stock sits at 'Hold' only, but the mean target of $1.96 suggests potential upside of another 10% from current levels.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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