New York, May 17, 2026, 11:03 EDT
Plug Power Inc. gained 21% last week, bouncing after its Q1 report and pulling investors back to a hydrogen stock long stuck in turnaround mode. Shares finished Friday at $3.78, up from $3.12 the week before. Monday and Wednesday’s rallies outweighed declines late in the week.
The timing is important with U.S. markets shut over the weekend. Nasdaq’s normal hours are Monday to Friday, 9:30 a.m. to 4 p.m. Eastern. The next 2026 market holiday is Memorial Day, May 25, so Monday, May 18, will be the first trading day to watch.
Plug dropped 0.26% Friday after moving from $3.57 to $3.99. Volume came in at 97.57 million shares. The Nasdaq slid 1.54%, putting extra pressure on growth names. The dip in Plug was less severe than the index move.
Plug shares moved after the company reported first-quarter revenue climbed 22% to $163.5 million from a year ago. Gross margin improved, coming in at negative 13%, up from negative 55% a year earlier. Adjusted loss per share narrowed too, dropping to 8 cents, compared to a 17-cent loss last year. CEO Jose Luis Crespo said Plug delivered “strong commercial execution” and kept on track for its fourth-quarter EBITDAS target. EBITDAS is earnings before interest, tax, depreciation, amortization and share-based compensation. Plug Power
Plug’s call put attention on cash. CFO Paul Middleton told analysts the company finished the quarter with “over 10% more cash than we initially anticipated.” He also said Plug is targeting a cut of at least $100 million in inventory this year. Inventory weighs here since cash held in equipment and parts is cash that can’t fund operations. The Motley Fool
Analyst calls were mixed. Ryan Pfingst at B. Riley stuck with Buy and boosted his price target to $5 from $3. Ameet Thakkar of BMO Capital left his Underperform rating in place and only nudged his target up to $1.20 from $1. TD Cowen’s Jeff Osborne raised his target to $3 from $2 but didn’t budge off Hold.
The split in analyst calls stood out. TipRanks listed H.C. Wainwright’s Amit Dayal at Buy, target $7. Morgan Stanley’s David Arcaro rated Sell, with a $1.50 target. Canaccord Genuity’s George Gianarikas kept Hold and raised his target to $4.
Plug shares jumped, but other fuel-cell and hydrogen stocks moved on news tied to each company. Ballard Power Systems was up 7.5% to $4.45 by the close Friday. Bloom Energy lost about 9% and ended at $275.95, after hitting record highs earlier in the week.
Plug has two cash moves set for the near term. The company said it expects to close a roughly $142 million deal this June, part of its earlier hydrogen project asset monetization plan, which involves selling or refinancing assets to boost cash. Plug also said it aims to sell a $39.2 million investment tax credit from its St. Gabriel, Louisiana, joint venture by the end of May.
But risk is still clear. Plug is losing money, posting a net loss near $245 million for the quarter, and the recent rally banks on shareholders buying into its cost cutting, asset sales, tax-credit money and restricted cash freeing up enough to lower its burn. If deals stall or margins stall, shares could reverse much of last week’s gain.
The stock faces a tougher bar than just the earnings headline. Monday’s session will tell if buyers view Friday’s drop as a breather, or if a 21% gain for the week in a company still posting losses already outran the story.
