Plug Power (PLUG 0.87%) stock keeps going higher and higher -- it popped 19% in early morning trading today through 11:30 a.m. ET. Today's rally has driven Plug Power's rally to a stunning 67% in October alone, as of this writing, and the stock has more than doubled since Sept. 1.
Several analysts have turned bullish on Plug Power in recent weeks, with one analyst even doubling the stock's price target to $7 per share earlier this month. This morning, yet another analyst lifted the hydrogen stock's price objective.
Meanwhile, Plug Power's president and chief revenue officer, Jose Luis Crespo -- who is set to become the CEO in March 2026 -- told CNBC something important in an interview this morning.
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Plug Power expects higher sales to drive it to profitability
Susquehanna analyst Biju Perincheril has raised Plug Power stock's price target significantly from $1.80 per share to $3.50 a share with a neutral rating. Shares of Plug Power have already crossed that mark, having closed Friday trading at $3.42 per share and trading at $3.90 a share as of this writing.
Last quarter, Plug Power said it expects to exit 2025 with a positive grow margin run rate. So in the fourth quarter, the loss-making company should be able to generate a gross profit. That's a big milestone, and one of the biggest reasons why Plug Power stock has soared in recent weeks.
Incoming CEO Crespo told CNBC this morning that Plug Power expects its electrolyzers and material handling businesses to drive sales. Plug Power is betting big on electrolyzers and delivered the first of its 10 electrolyzers to Galp's Sines refinery in Portugal on Oct. 1 under a 100-megawatt deal. Plug Power calls it its largest project worldwide and expects to deliver the remaining electrolyzers by early 2026.
NASDAQ: PLUG
Key Data Points
Meanwhile, President Donald Trump's "big, beautiful bill" has expanded investment tax credits of 30% to fuel cell projects beginning construction after Dec. 31, 2025 without regard to emissions. The tax credit makes Plug Power's products like fuel-cell forklifts used in the material handling industry (warehouses) more reasonable and competitive. Crespo also reminded investors that global giants like Amazon (AMZN 1.45%), Home Depot (HD +0.03%), and Walmart (NYSE: WMT) are some of its customers.
Why Plug Power stock is back on investors' radar
Plug Power has also vertically integrated into producing green hydrogen, and that should help it cut costs while other businesses push sales higher.
It looks like an ideal formula for profitability, which explains why investors have been piling on to Plug Power stock after watching it fall for years.
