New York, Jan 9, 2026, 07:51 EST — Premarket
Plug Power shares hovered around $2.32 in premarket trading on Friday after TD Securities downgraded the hydrogen equipment maker to hold from buy and cut its price target to $2 from $4. The broker pointed to slower demand and execution risks in electrolyzers — machines that split water to make hydrogen — and in the material-handling business tied to fuel-cell forklifts and service. TD said Plug still lacks a clear path to positive free cash flow, the cash left after capital spending, and flagged management targets of about $215 million in quarterly revenue for gross margin break-even and $300 million for EBITDA positive.
The call lands as investors head into a January 29 shareholder meeting where Plug is seeking approval to double its authorized common shares to 3 billion and to change voting standards for certain future charter amendments. The company says it will implement a reverse stock split if the share increase fails, a move that can lift the per-share price by shrinking the share count without changing the underlying business.
Fuel-cell stocks were back on traders’ screens after American Electric Power agreed to spend $2.65 billion on Bloom Energy fuel cells for a planned generation facility in Wyoming, a regulatory filing showed. Bloom Energy shares were up about 13% in premarket trade.
Plug ended Thursday up 1.75% at $2.32, a day after it slid 4.6% to $2.28. Trading volume on Thursday was about 87 million shares, below its 50-day average, MarketWatch data showed. Even after the recent bounce, the stock is roughly 49% below its 52-week high of $4.58.
For now, the market is looking past day-to-day swings and back at the same pressure points: order timing in electrolyzers, margin progress, and any evidence the cash drain is easing without another surprise in financing.
But the downside case is still close at hand. If demand stays soft or project ramps slip again, the story can tilt back toward liquidity and dilution — and the stock has not had much tolerance for either.
Beyond the shareholder meeting later this month, investors are also circling the next quarterly update. Nasdaq’s earnings calendar lists an estimated report date of March 2.
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