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Why Plug Power Stock Popped Friday Morning

By Neha Chamaria – Updated Oct 8, 2021 at 4:14PM

Key Points

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Yet another analyst upgrade lifted shares of the hydrogen fuel cell company higher.

What happened

Shares of Plug Power (PLUG -0.22%) popped today, jumping 3.7% as of 10:30 a.m. EDT after the hydrogen fuel cell stock received an analyst upgrade.

So what

Barclays upgraded its rating on Plug Power stock while keeping its price target unchanged at $27 a share. Barclays is betting on Oct. 14, Plug Power analyst day, to ignite momentum in the stock. It also sees an upside driver for the company in President Joe Biden's infrastructure plan. Plug Power shares are hovering exactly around $27 a share as of the time of this writing.

A 2021 calendar with Oct. 14 marked on it.

Image source: Getty Images.

Plug Power typically takes stock of the company's progress and unveils its growth plans at its analyst day, also called Plug Symposium. On its 2020 analyst day, for example, it said it was on track to meet its 2024 financial goals, including $1.2 billion in sales and $200 million in operating income.

Plug Power has had quite an eventful year so far, with notable achievements including:

  • A partnership with BAE Systems for hydrogen electric buses.
  • A joint venture with auto giant Renault Group.
  • A collaboration with Brookfield Renewable Partners to build a green hydrogen plant with 100% renewable energy supply from Brookfield.
  • An announcement to build the largest green hydrogen plant on the West Coast.

Plug Power's revenue climbed 83% in its second quarter.

Now what

Barely days ago, the company received an upgrade from BMO Capital with a stock price target of $30 per share. BMO Capital sees potential as the company expands its success in the material-handling equipment industry to other markets.

The entire hydrogen space, in fact, has caught Wall Street's attention, reigniting investor interest in growth stocks like Plug Power that had lost steam in recent months.

Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool recommends Barclays. The Motley Fool has a disclosure policy.

Stocks Mentioned

Plug Power Stock Quote
Plug Power
$13.79 (-0.22%) $0.03

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