New York, Jan 10, 2026, 07:23 (EST) — Market closed
- Shares of Plug Power dropped 5.6% on Friday following TD Cowen’s downgrade to “hold.”
- Broker highlighted weaker demand for electrolyzers and fuel cells used in warehouse fleets, citing an unclear route to free cash flow
- Upcoming catalysts: U.S. CPI data due Jan. 13, Plug’s shareholder meeting on Jan. 29, and earnings slated for early March
Shares of Plug Power Inc dipped 5.6% on Friday, closing at $2.19, pressured by a TD Cowen downgrade that nudged the hydrogen fuel-cell company back toward the $2 mark. The stock fluctuated between $2.14 and $2.33 during the session, after ending Thursday at $2.32. Volume hit around 114 million shares, surpassing the company’s recent averages. Meanwhile, the Nasdaq Composite climbed 0.81%, and rival Ballard Power Systems gained 1.1%. 1
The timing is crucial as investors continue to shun smaller, cash-burning clean-energy firms that might require new funding, with rate cut relief growing less likely. Following Friday’s U.S. jobs report, traders shifted toward expecting a more extended pause on Federal Reserve rate cuts, a scenario that could maintain tight funding conditions. 2
TD Cowen downgraded Plug from “buy” to “hold” and slashed its price target to $2 from $4. The firm admitted it’s been “on the wrong side of the PLUG trade for some time.” It highlighted risks around demand and execution in electrolyzers—machines that split water to produce hydrogen—and in material handling, which involves fuel-cell fleets used in warehouses. The report also flagged uncertainty over free cash flow, citing management’s remarks that quarterly revenue of $215 million is needed to break even on gross margin, while $300 million is required to achieve positive EBITDA. 3
Earlier this week, a filing revealed Plug entered a “Release Event” license deal with Walmart, granting the retailer conditional, limited access to certain escrowed GenKey system materials if particular triggers happen. The filing also noted Walmart agreed to cancel a 2017 transaction agreement and give up a warrant linked to as many as 55.3 million shares, wiping out potential dilution of roughly 42.2 million shares down the line.
Plug has scheduled a special stockholders meeting for Jan. 29, moving the record date to Dec. 12 to allow investors extra time to retrieve shares possibly loaned out by brokers, the company said. Traders are zeroing in on this meeting to gauge how much leeway Plug has to raise capital or tweak its capital structure.
Plug’s stock continues to be a rough ride. Its market cap sits near $3.2 billion, with shares swinging between $0.69 and $4.58 over the last 52 weeks, per Nasdaq data. 4
The downside remains clear: slower orders, a fresh funding round, and shareholders growing weary of dilution. BMO Capital’s Ameet Thakkar downgraded the stock this week to “underperform” from “neutral,” also cutting his price target to $1.30 from $1.70. He cited ongoing uncertainty and dilution risk. 5
Traders will focus on Tuesday’s U.S. CPI report (Jan. 13, 8:30 a.m. ET) for clues on shifting rate expectations. Attention will then shift to Plug’s shareholder meeting set for Jan. 29 and the stock’s movement near $2. Nasdaq’s next earnings date is tentatively March 2, but these dates often change. 6
