Plug Power (PLUG 35.16%) is absolutely crushing the markets, surging a jaw-dropping 66% this week alone through Friday noon, according to data provided by S&P Global Market Intelligence.
First deliveries of electrolyzers to a major site and a massive analyst upgrade has sent the hydrogen stock into a tizzy.
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Plug Power stock is on fire
On Friday, H.C. Wainwright analyst Amit Dayal upgraded Plug Power stock's price target to $7 per share from $3 a share. At its Thursday closing price of $2.83 per share, Dayal's target reflects a nearly 150% upside potential for Plug Power stock. That monster expectation sent Plug Power shares soaring over 30% on Friday alone.
Dayal's bullishness stems largely from the recent surge in electricity prices and the growing support for nuclear energy. According to industry reports, electricity prices rose by 7% from June 2024 to June 2025, with over 40 states in America facing higher electric bills.
Meanwhile, President Donald Trump has unleashed a flurry of initiatives to boost the domestic nuclear energy industry, including a multi-billion-dollar deal with the U.K. government last month to fast-track the licensing of nuclear reactor sites and cut dependence on Russia for uranium, the key nuclear fuel.
Although Plug Power isn't a nuclear energy company, Trump's moves are expected to accelerate the shift from fossil fuels to cleaner sources of energy. Plug Power is the frontrunner in green hydrogen and is building several green hydrogen production plants as well as a gigafactory to produce electrolyzers and fuel cells.
Earlier this week, Plug Power delivered its first 10-megawatt (MW) electrolyzer to Galp's Sines refinery in Portugal as part of the 100-MW deal. Plug Power expects to deliver all 10 electrolyzers by early 2026 to replace 20% of the grey hydrogen currently used at the refinery. Plug Power expects this project, also its largest worldwide, to set an example of green hydrogen's potential in Europe.
Is Plug Power stock a no-brainer buy now?
Plug Power was founded in 1997 and shipped its first fuel-cell system in 1999. The company, however, hasn't ever earned a ever and posted a monster net loss of $2.1 billion in 2024.
Plug Power, however, expects to break even on its gross margin on a run-rate basis in the fourth quarter, which means it expects to finally make enough money from sales to cover its production costs. By the end of 2027, Plug Power expects to become operating-income positive.
For sure, those are encouraging goals and the biggest reason why you'd want to keep an eye on Plug Power stock this year. But given Plug Power's history of overpromising and underdelivering and the stock's rise this week that has pushed its market cap to nearly $4.5 billion as of this writing, I'll watch from the sidelines.
