New York, May 28, 2026, 05:01 EDT
- Plug Power ended Wednesday up 7.8% at $4.14. The stock was last quoted at $4.12 ahead of Thursday’s open.
- Shares traded on strong volume and finished less than 10% off the 52-week high.
- Investors are looking at stronger revenue and margin trends, but the quarterly loss is still large and cash burn is a factor.
Plug Power Inc. is trading just below its 52-week high as Thursday’s session gets going, after a steep, high-volume move. Traders are watching to see if the company’s recent margin improvements last. Shares finished Wednesday at $4.14, up 7.81%, while premarket quotes at 4:42 a.m. EDT from StockAnalysis put the stock at $4.12.
U.S. equity markets trade on Thursday as usual, with no holiday. Nasdaq’s 2026 calendar shows Memorial Day off on May 25, and the following closure set for June 19. Regular trading hours are 9:30 a.m. to 4 p.m. Eastern.
Timing is a factor here. Plug’s stock rose for a second session on Wednesday, with about 110 million shares changing hands. That was above the recent average, according to MarketWatch. The Nasdaq Composite added 0.07%. The Dow closed up 0.36%. Ballard Power Systems, another fuel-cell name, moved up 2.53%, but shares of Air Products slipped 1.34%.
Plug shares kept trading on their turnaround story instead of tracking the index move. On Wednesday, the stock moved between $3.75 and $4.22. The 52-week range ran from $0.77 to $4.58, StockAnalysis said.
Plug Power’s first-quarter numbers are still at the heart of the bullish view. The company on May 11 reported revenue up 22% year-over-year to $163.5 million. GAAP gross margin was negative 13%, better than negative 55% a year ago. Adjusted loss per share was 8 cents, narrowing from 17 cents.
Plug CEO Jose Luis Crespo said the company is seeing “strong commercial execution” this quarter and noted “progress in the company’s underlying economics.” Plug still aims for positive EBITDAS in the fourth quarter. EBITDAS stands for earnings before interest, tax, depreciation, amortization and share-based compensation, which is a profit figure that leaves out some costs.
But the risk remains significant. Plug reported a net loss to common shareholders of $245.3 million for the first quarter and burned through $150.0 million in operating cash. The company is counting on asset sales, with one deal for about $142 million expected in June and plans to sell $39.2 million in investment tax credits by the end of May. Any holdup on those could affect results fast.
Street opinions are split. StockAnalysis has an average “Hold” from 20 analysts and puts the 12-month target at $3.62, which is under Wednesday’s close. Its feed shows target lifts from Susquehanna, TD Cowen, B. Riley, Canaccord, and Clear Street since the quarter. There’s also an Underperform from BMO Capital’s Ameet Thakkar. StockAnalysis
Plug Power’s short interest is making the stock volatile. MarketBeat put shorted shares at 340.7 million as of May 15, which is 24.56% of Plug’s public float. Short sellers borrow and sell, hoping the price drops. If shares jump, shorts can get squeezed, buying back stock and pushing prices higher.
Plug bulls now have more than talk after the company announced on May 20 that its 30-megawatt Barrow Green Hydrogen project in the UK has hit final investment decision. That means investors are moving ahead and Plug will provide its GenEco electrolyzers. Crespo called it the shift for Plug’s “largest UK project from award into execution.” GlobeNewswire
Schroders Greencoat’s Kristian Høeg Madsen called Barrow a “key milestone.” Carlton Power’s Eric Adams pointed to Plug’s electrolyzer technology, saying it made Plug a “strong partner.” Those lines are part of why investors are focusing on the electrolyzer business, not only the fuel-cell side. GlobeNewswire
Cash is the next test. Plug needs to close its planned liquidity deals, hold down service costs, and turn more project awards into revenue for this rally to keep pace with analysts’ targets. But if cash burn keeps up or project timing falls behind, the move back to the highs could stall out quickly.
