Plug Power Inc (NASDAQ:PLUG) shares fell on Monday, giving back last week’s gains, even after the company announced on Friday that it had completed 100 MW of PEM GenEco electrolyzer installations at Galp’s Sines Refinery. Here’s what investors need to know.
- Plug Power stock is showing notable weakness. Why is PLUG stock dropping?
How This Project Transforms Refinery Emissions
The hydrogen and fuel cell company revealed that all ten arrays totaling 100 MW have been delivered and installed at the refinery, marking a significant milestone in one of Europe’s largest renewable hydrogen projects.
Once operational, the system is expected to generate up to 15,000 tons of renewable hydrogen annually, offsetting about 20% of the refinery’s grey hydrogen use and cutting greenhouse gas emissions by 110,000 tons CO₂e per year.
The project is part of Plug’s broader European expansion, which includes multi-gigawatt deployments across Spain and the U.K., supported by a $2 billion global pipeline.
Chief Strategy Officer Benjamin Haycraft emphasized the company’s commitment to large-scale decarbonization, stating that this milestone demonstrates their ability to deliver infrastructure that advances Europe’s energy transition.
Analyzing Resistance Levels: What’s Next For Plug Power?
Plug Power is currently trading 1.6% above its 20-day simple moving average and 3.7% above its 50-day SMA, indicating short-term strength. However, the stock is 5.4% below its 100-day SMA, suggesting some weakness in the medium term. Over the past 12 months, shares have increased approximately 16.92% and are currently positioned closer to their 52-week lows than highs.
The RSI is at 58.09, which is considered neutral territory, while the MACD is above its signal line, indicating bullish momentum. The combination of neutral RSI and bullish MACD suggests mixed momentum, indicating that while the stock has potential, it may face challenges in gaining further traction.
- Key Resistance: $2.50
Plug Power’s Business Model
Plug Power is building an end-to-end green hydrogen ecosystem—from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.
This focus on green hydrogen is increasingly relevant as global demand for renewable energy solutions grows. The recent installation at Galp’s Sines Refinery highlights Plug Power’s commitment to expanding its footprint in the European market, positioning the company as a key player in the transition to sustainable energy.
Is This Earnings Report A Turning Point?
Investors are looking ahead to the next earnings report on Mar. 2.
- EPS Estimate: Loss of 11 cents (Up from $-1.65 YoY)
- Revenue Estimate: $218.26 million (Up from $191.47 million YoY)
Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $2.38. Recent analyst moves include:
- TD Cowen: Downgraded to Hold (Lowers Target to $2.00) (Jan. 9)
- Clear Street: Upgraded to Buy (Lowers Target to $3.00) (Dec. 31, 2025)
- Canaccord Genuity: Hold (Maintains Target to $2.50) (Nov. 20, 2025)
Top ETF Exposure
- State Street SPDR S&P Kensho Clean Power ETF (NYSE:CNRG): 2.85% Weight
- Global X Hydrogen ETF (NASDAQ:HYDR): 11.28% Weight
- Research Affiliates Deletions ETF (NASDAQ:NIXT): 1.37% Weight
Significance: Because PLUG carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
PLUG Shares Fall Sharply Monday
PLUG Price Action: Plug Power shares were down 8.40% at $2.29 at the time of publication on Monday, according to Benzinga Pro data.
Image: Shutterstock
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