Plug Power Inc (NASDAQ:PLUG) shares are trading higher on Wednesday, bouncing after a sharp recent drawdown that has the stock down more than 18% over the past month and still hovering closer to its 52-week low.
The rebound comes amid broader momentum in risk assets and small caps, with the iShares Russell 2000 ETF (NYSE:IWM) up about 1% on the day, suggesting Plug Power’s gains may be tied more to improving market sentiment than to a new company-specific catalyst.
Investors are also weighing a recent filing showing shareholders approved a significant increase in authorized common shares, giving Plug more flexibility to raise capital for its hydrogen projects while raising some dilution concerns. Here’s what investors need to know.
- Plug Power stock is showing strength. What’s behind PLUG gains?
Shareholders Approve Share Increase
At a special meeting on Feb. 12, shareholders voted to increase Plug Power’s authorized common shares to 3.0 billion from 1.5 billion. This change allows the company more flexibility to issue equity without needing to return for another vote, which could help in refinancing debt and funding hydrogen infrastructure projects.
Additionally, the decision to raise shares means that Plug can pursue funding without resorting to a reverse split, which had previously been considered. While this move provides a financial cushion, it also raises concerns about potential dilution of shares, which could pressure future earnings per share.
PLUG Stock Trades Below Key SMAs
The stock is currently trading 11.3% below its 20-day simple moving average (SMA) and 22.7% below its 100-day SMA, indicating some short-term weakness.
Shares have increased 5.68% over the past 12 months but are currently positioned closer to their 52-week lows than highs, suggesting a challenging environment for recovery.
The RSI is at 39.10, which is considered neutral territory, while the MACD shows a value of -0.1056, below its signal line at -0.0670, indicating bearish pressure on the stock.
This combination suggests that while the stock is not in oversold territory, the momentum remains weak. The combination of neutral RSI and bearish MACD indicates mixed momentum, reflecting uncertainty in the stock’s near-term direction.
- Key Resistance: $2.00
- Key Support: $1.50
PLUG’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.
Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation and industrial applications.
Plug Power Earnings March 2
The countdown is on: Plug Power is set to report earnings on March 2, 2026.
- EPS Estimate: Loss of 10 cents (Up from $-1.65)
- Revenue Estimate: $218.70 million (Up from $191.47 million)
- Valuation: Forward P/E ratio not available
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)
PLUG Shares Gain Wednesday
PLUG Price Action: Plug Power shares were up 3.30% at $1.88 at the time of publication on Wednesday, according to Benzinga Pro data.
Image: Shutterstock
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