NEW YORK, January 1, 2026, 05:49 ET — Market closed.
Plug Power Inc shares rose 1.55% to close at $1.97 on Wednesday after Clear Street analyst Tim Moore upgraded the hydrogen fuel-cell maker to “Buy”. Moore lowered his price target — an estimate of where the shares could trade — to $3 from $3.50. The gain snapped a three-day losing streak and outpaced the Nasdaq Composite’s 0.76% drop; Ballard Power Systems ended flat and Air Products fell 0.72%. 1
The upgrade lands with Plug trading near $2, where investors have focused on cash burn — the pace at which a company uses cash — and financing risk. For the stock, the core debate has been whether Plug can fund operations without leaning heavily on equity issuance.
That matters now because funding choices feed straight into returns. Equity raises can dilute existing shareholders, while new debt adds interest costs and can tighten financial flexibility.
In a research note, Moore said Plug has a “path to profitability” as about $200 million of annual cost savings, higher pricing and volume growth drive gross margin expansion — the profit left after direct costs — as early as the June quarter. He said execution of the Allied Green Ammonia contract could be a catalyst for positive adjusted EBITDA, a profit measure before interest, taxes, depreciation and amortization adjusted for some items. 2
At $3, Clear Street’s target sits about 52% above Wednesday’s close. The downgrade in the target, despite the rating upgrade, underlines how tightly valuation is now linked to dilution assumptions.
Clear Street pointed to dilution from Plug’s convertible debt refinancing. Plug said it completed a private offering of $431.25 million of 6.75% convertible senior notes due 2033, an SEC filing showed. Convertible notes are bonds that can be exchanged for stock under certain conditions, potentially increasing the share count. 3
Investors are also watching a pending shareholder vote tied to financing flexibility. A Dec. 3 SEC filing showed Plug moved its special meeting of stockholders to Jan. 29 and reset the record date to Dec. 12, citing the need for shareholders to recall shares that may be on loan through brokers. 4
Plug has said it plans to ask shareholders to approve an amendment to raise authorized common stock to 3.0 billion shares from 1.5 billion at the special meeting. The company said it had less than 0.4% of authorized shares available for future issuance. 5
Share authorizations do not raise cash on their own, but they can remove a practical cap on future equity issuance. That is why traders are likely to read the vote as a signal on the company’s financing options heading into 2026.
Before the next session, traders will also be looking ahead to the next earnings checkpoint. U.S. stock markets are closed on Jan. 1 for New Year’s Day and will reopen on Jan. 2, MarketWatch reported. Investing.com’s earnings calendar lists Feb. 26 for Plug’s next results, when investors are likely to press for updated guidance on margins and liquidity. 6
Technically, PLUG has key levels nearby. The stock traded between $1.91 and $2.045 in Wednesday’s session, leaving $2 as the immediate pivot for many chart watchers.
Macro events are also in play for high-beta clean-energy shares. The Bureau of Labor Statistics is scheduled to publish the December U.S. jobs report on Jan. 9, and the Federal Reserve’s next policy meeting is set for Jan. 27-28. 7
