NEW YORK, December 31, 2025, 07:09 ET — Premarket
- Plug Power shares were flat near $1.94 before the open after Clear Street upgraded the stock to Buy.
- Clear Street trimmed its price target to $3 from $3.50, citing dilution tied to Plug’s late-November convertible refinancing.
- Investors are watching a Jan. 6 conference appearance and a Jan. 29 shareholder vote tied to authorized shares and a possible reverse stock split.
Plug Power Inc (PLUG) shares were flat at $1.94 in U.S. premarket trading on Wednesday after Clear Street upgraded the hydrogen fuel-cell company to Buy and cut its price target to $3 from $3.50.
The upgrade lands as Plug’s stock trades near $2, keeping the focus on liquidity, dilution risk and the pace of cost reductions. Sentiment has swung quickly in recent months as investors weigh near-term funding needs against the long runway for hydrogen infrastructure.
Plug fell 1.52% to close at $1.94 on Tuesday, its third straight daily decline, and it was about 57.6% below its 52-week high of $4.58 set on Oct. 6, MarketWatch data showed. Volume was 71.6 million shares, below its 50-day average of 104.4 million.
Clear Street said its $3 target represents 4 times enterprise value-to-sales — a valuation measure that compares a company’s total value to revenue — using its 2027 sales estimate of $1.07 billion. The firm pointed to expected cost savings, a lower cash burn rate (how fast a company spends cash) and improving opportunities for European refinery electrolyzer orders, while saying dilution from Plug’s late-November convertible refinancing weighed on its target.
Plug said in November it closed an offering of $431.25 million of 6.75% convertible notes due 2033, netting about $399.4 million in proceeds. The company said it planned to use the cash to retire high-cost 15% debt, refinance 2026 convertible notes and eliminate a first-lien claim, steps it said would lower interest expense and reduce near-term repayment pressure.
Convertible notes are debt that can be swapped into shares, which can dilute existing holders if converted.
Plug has scheduled a special shareholder meeting for Jan. 29, asking investors to modernize voting standards and increase authorized common shares to 3.0 billion from 1.5 billion, the company said. Plug said it would implement a reverse stock split if the share increase is not approved — a move that bundles shares to lift the per-share price without changing the company’s overall value.
The company is also due to appear at the Goldman Sachs Energy, CleanTech & Utilities Conference on Jan. 6, with President Jose Luis Crespo and investor relations vice president Roberto Friedlander listed as presenters.
Other U.S.-listed hydrogen and fuel-cell names were lower in premarket trade, with Bloom Energy down about 1.2%, FuelCell Energy off 2.6% and Ballard Power Systems down about 0.8%.
Traders will watch whether the Clear Street call draws follow-through buying after the opening bell, or whether selling pressure resumes after a string of recent declines.
