Today, Dec. 31, 2025, a cautious analyst upgrade spotlights Plug Power’s high‑risk hydrogen turnaround and funding puzzle.
Plug Power
Today’s Change
(1.80%) $0.04
Current Price
$1.98
Key Data Points
Market Cap
$2.7B
Day’s Range
$1.95 – $2.04
52wk Range
$0.69 – $4.58
Volume
1.9M
Avg Vol
127M
Gross Margin
-7128.74%
Plug Power (PLUG +1.80%), which develops hydrogen fuel cell and electrolyzer systems, closed Wednesday’s session at $1.97, up 1.55%. Plug Power IPO’d in 1999 but has fallen 99% since going public. Trading volume reached 80.1 million shares, coming in about 36% below its three-month average of 124.9 million shares.
Wednesday’s moves followed a Clear Street rating upgrade to Buy with a reduced $3 price target. Investors are watching Plug Power’s path to profitability and capital needs.
How the markets moved today
The S&P 500 (^GSPC 0.74%) fell 0.74% to 6,846, while the Nasdaq Composite (^IXIC 0.76%) slipped 0.76% to 23,242. Within hydrogen fuel cell systems, industry peers Bloom Energy (BE 0.42%) and Ballard Power Systems (BLDP +0.00%) were mixed, reflecting ongoing sector scrutiny of financing, demand visibility, and data center power opportunities.
What this means for investors
Clear Street trimmed its price target for Plug Power to $3 from $3.50, based on shareholder dilution related to the company’s recent convertible refinancing. The updated price target still implies more than 50% upside, though, which explains why the investment firm upgraded the stock to a “buy” rating.
Yet a fresh round of financing last month adds to concerns of future shareholder dilution along with the company’s existing debt load.
Investors are also eyeing an upcoming Jan. 6 conference appearance and late-January shareholder vote that could authorize additional shares and a potential reverse stock split. Those decisions could weigh on the stock in the near future.
Howard Smith has positions in Bloom Energy and has the following options: short January 2026 $60 calls on Bloom Energy. The Motley Fool recommends Bloom Energy. The Motley Fool has a disclosure policy.