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Benzinga
Benzinga
Business
Henry Khederian

Plug Power Stock Hits New 52-Week Highs: What's Fueling The Momentum?

PLUG Plug Power Hydrogen Nasdaq Plug Power Inc Benzinga Edge HC Wainwright
Stuttgart,,Germany,-,03-17-2024:,Mobile,Phone,With,Logo,Of,American

Shares of Plug Power Inc (NASDAQ:PLUG) are surging Monday morning, continuing a powerful rally that has seen the hydrogen fuel-cell company's stock climb 160% over the past month. Here’s what investors need to know.

What To Know: Fueling the investor optimism is a bullish analyst note from H.C. Wainwright last week, which reiterated a "Buy" rating and more than doubled its price target on Plug to $7 from $3. The firm highlighted that significant year-over-year increases in electricity prices are making green hydrogen more cost-competitive against grey hydrogen.

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