New York, Jan 10, 2026, 18:43 (ET) — Market closed
- Plug Power slipped on Friday following a downgrade and a reduced price target from TD Cowen
- An SEC filing revealed a Walmart deal that cleared a persistent warrant overhang
- Attention is shifting to the Jan. 29 shareholder vote on authorized shares and the upcoming U.S. inflation figures due next week
Shares of Plug Power dropped Friday following TD Cowen’s downgrade of the hydrogen equipment maker to “hold” from “buy.” The firm also slashed its price target to $2 from $4, pointing to weak demand in material handling and electrolyzers. The stock last traded at $2.19, down 5.8%, on volume of roughly 114 million shares. 1
The call is crucial as Plug aims to stabilize its funding narrative amid a slowdown in customer purchases of expensive hydrogen equipment. The company markets fuel-cell systems for warehouse forklifts and electrolyzers, devices that separate water into hydrogen.
Another key event looms: Plug has set a special shareholder meeting for Jan. 29, delaying from an earlier planned date, per an SEC filing. The company seeks investor approval to amend its charter, doubling authorized common shares to 3.0 billion—lifting the limit on how much stock it can issue, according to proxy materials. “These proposals are essential to ensuring Plug has the resources and flexibility needed to execute on our strategy,” CEO Andy Marsh stated.
TD’s note highlighted the extended timeline before the company turns cash flow positive. According to management, hitting $215 million in quarterly revenue is required to break even on gross margin, while $300 million is the target to achieve positive EBITDA, TD said. For context, EBITDA measures operating profit before interest, taxes, depreciation, and amortization. 2
Earlier this week, Plug revealed a 15-year “release event” license deal with Walmart involving its GenKey system, placing specific software and documents into escrow for the retailer. The filing showed Walmart agreed to end a 2017 transaction agreement and surrendered a warrant, removing the risk of future dilution of roughly 42.2 million shares.
The warrant exit cuts down some dilution risk, but it doesn’t resolve the core issue: Plug still needs to demonstrate lasting demand for both forklifts and hydrogen production gear, all while financing remains constrained.
The sector mood is uneasy. Wood Mackenzie flagged 2026 as a “year of reckoning” for low-carbon hydrogen, with economics facing pressure from rising power costs and delayed projects. “Projects advance where policy and offtake align, and stall where either remain uncertain,” noted Murray Douglas, vice president for hydrogen and derivatives research. 3
Plug is hovering close to $2. The stock’s 50-day moving average sits near $2.22, while the 200-day average is around $2.11. Over the past 12 months, its price has swung between $0.69 and $4.58, per MarketBeat data. 4
The January vote works both ways. If approved, it would give Plug more leeway to raise equity. But it also puts dilution back in the spotlight, just as the company struggles to secure steady cash flow.
Macro factors can shift the landscape quickly. U.S. consumer price data for December drops Tuesday, Jan. 13 at 8:30 a.m. Eastern, a release that could instantly upend rate forecasts. 5
The Federal Reserve’s upcoming policy meeting is set for Jan. 27-28. Traders will be closely monitoring for any tweaks to the rate-cut trajectory that might sway risk appetite, especially for loss-making energy transition stocks. 6
Following the inflation data, Plug’s next key date is the shareholder meeting set for Jan. 29. Wall Street also expects an earnings report near March 2, but the company hasn’t confirmed that timing yet. 7
