New York, Jan 11, 2026, 18:28 EST — Market closed.
- Plug Power dropped 5.6% on Friday, underperforming the wider market rally
- TD Cowen downgraded its rating to “Hold” and dropped its target price to $2
- Investors are gearing up for a shareholder vote on Jan. 29 that will decide future share issuance
Shares of Plug Power Inc (PLUG.O) fell 5.6%, ending Friday at $2.19. With U.S. markets closed over the weekend, the stock remains volatile near the $2 level. 1
TD Cowen’s Jeffrey Osborne downgraded the hydrogen firm from “Buy” to “Hold,” slashing his price target from $4 to $2, according to 7 .
Timing is key as Plug gears up for a special shareholder meeting on Jan. 29 to vote on charter amendments, including doubling its authorized common shares—the legal cap on how many shares the company can issue. Plug says it needs this leeway to raise funds and cover contractual obligations due by Feb. 28. If shareholders reject the increase again, the company plans to rely on a previously approved reverse stock split, which would reduce the number of shares but boost the price per share. 2
TD highlighted uncertainty around demand and execution in two key areas: electrolyzers, which split water into hydrogen using electricity, and material handling—fuel-cell fleets for warehouses and forklifts. The bank also pointed to a murky path toward positive free cash flow, noting that management has linked key profitability targets to quarterly revenue milestones. Still, they expect gross margin gains in 2026 and a potential EBITDA breakeven by 2027. 3
Plug’s shares slipped even as the Nasdaq Composite climbed 0.81%, with trading volume in Plug exceeding its usual range. Meanwhile, hydrogen rival Ballard Power Systems gained ground, highlighting how selective the pressure on Plug has grown. 4
After a volatile start to January, Plug closed at $2.32 on Jan. 8 and $2.28 the day before, then dipped to $2.19 on Jan. 9. 5
Plug sells fuel-cell systems and hydrogen equipment, pushing to grow its electrolyzer business alongside its established warehouse clients. For equity traders, the story boils down to orders, margins, and cash burn.
The Jan. 29 meeting date was chosen after the company postponed the vote from its original schedule. The move aims to give shareholders extra time to recall shares possibly loaned out via brokers and to encourage greater turnout.
Earlier, CEO Andy Marsh described the proposals as “essential to ensuring Plug has the resources and flexibility needed to execute on our strategy,” highlighting that the vote concerns the balance sheet just as much as governance. 6
The setup works both ways. Approval might ease a near-term hurdle, but it keeps dilution risk alive if Plug decides to raise more capital. A rejection would probably reignite chatter about a reverse split and weigh on sentiment in a stock already swayed by heavy short-term trading.
Monday’s session will hinge on whether PLUG can maintain the $2 level and if volume remains high following the downgrade. The next big event is the virtual shareholder meeting on Jan. 29 at 10 a.m. ET, where the vote on share authorization takes center stage.
