NEW YORK, January 3, 2026, 06:19 ET — Market closed.
- Plug Power shares ended Friday at $2.23, up about 13% in the last regular session
- Clear Street upgraded the hydrogen fuel-cell maker to “Buy” with a $3 price target
- Next catalysts include investor conferences next week and a Jan. 29 shareholder vote on authorized shares
Plug Power Inc. (PLUG) shares closed at $2.23 on Friday, up about 13% in the last regular session, after a bullish analyst call helped lift sentiment in the beaten-down hydrogen sector. The stock traded between $2.00 and $2.27.
The move matters now because Plug’s equity has been trading on a single question: can the company improve unit economics fast enough to narrow losses while keeping financing risks contained.
For traders, that sets up a familiar pattern in high-volatility clean-energy names: a modest shift in the “path to profitability” narrative can produce an outsized move, especially into thin holiday positioning.
Clear Street upgraded Plug Power to Buy from Hold and set a $3 price target, down from $3.50, citing a more attractive risk-reward after the recent selloff. Analyst Tim Moore said Plug has a “path to profitability,” pointing to $200 million of annual cost savings, improved pricing and volume-driven operating leverage as potential drivers of gross-margin expansion as early as the June quarter. 1
Gross margin is the share of revenue left after direct costs; widening gross margin typically signals a business is getting more efficient at selling what it makes. Moore also flagged the company’s goal of positive adjusted EBITDA — a profit proxy that strips out interest, taxes and some non-cash or one-off items — as a key marker investors are watching.
Plug’s rally came on a mixed day for the broader market, with the Dow higher and the Nasdaq slightly lower, according to MarketWatch. Shares of hydrogen-linked peers Air Products and Ballard Power also rose. 2
Even after Friday’s jump, Plug remains a momentum-driven trade, with investors focused on cash discipline, pricing, and whether management can show a credible timeline toward sustainably positive margins.
Before Monday’s open, attention shifts to management’s next public appearances, where investors typically look for refreshed color on demand, margins and financing.
Plug is scheduled to participate in the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami on Jan. 6, according to the company’s investor-relations calendar. 3
The company is also slated to attend the UBS Global Energy & Utilities Winter Conference on Jan. 12–14, its calendar showed. 4
Investors are also tracking a Plug Power special meeting set for Jan. 29. The company’s materials describe proposals that include raising the authorized common share count to 3.0 billion from 1.5 billion, and say a reverse stock split — a share consolidation that can lift the per-share price — would be implemented if the share-increase proposal is not approved. 5
On the earnings calendar, MarketBeat lists Plug’s next report as an estimated March 2 release before the market opens, based on past reporting patterns.
