Plug Power Inc (NASDAQ:PLUG) shares are climbing Wednesday morning as the hydrogen and fuel cell sector receives a boost from Bloom Energy Corp’s (NYSE:BE) stellar first-quarter performance.
Bloom Energy shares surged over 20% after the company reported an adjusted earnings per share of 44 cents, crushing the consensus estimate of 13 cents. This bottom-line success was paired with revenue of $751.05 million, which far exceeded the projected $551.55 million and represented a massive 130% year-over-year increase.
- Plug Power stock is showing exceptional strength. Why is PLUG stock surging?
Bloom Energy Q1 Double Beat Sparks Sector Optimism
The optimism surrounding Bloom Energy is lifting Plug Power as investors bet on broader strength within the clean energy market. Bloom’s management attributed their rapid growth to a 208% surge in product revenue, signaling robust demand for on-site digital power solutions as the company aims to become a standard for the digital age.
As a major peer in the green energy space, Plug Power is gaining in sympathy because Bloom’s results suggest that the “go-to choice” for on-site power is seeing accelerated adoption.
Clean Tech Momentum And Higher Guidance
Adding further fuel to the rally, Bloom raised its fiscal-year 2026 revenue guidance to a range between $3.40 billion and $3.80 billion, notably higher than the previous consensus of $3.24 billion. Analysts have responded aggressively to this guidance hike, with BTIG raising its price target on Bloom from $165 to $295 while maintaining a Buy rating.
As Bloom Energy hits fresh 52-week highs and exhibits strong momentum, the positive sentiment is spilling over to peers like Plug Power, as the market re-evaluates the growth trajectory and profitability potential for the entire hydrogen industry.
Plug Power Q1 Earnings: What To Expect Next Month
The countdown is on: Plug Power is set to report earnings on May 11.
- EPS Estimate: Loss of 10 cents (Up from a loss of 21 cents YoY)
- Revenue Estimate: $142.03 million (Up from $133.67 million YoY)
Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $3.08. Recent analyst moves include:
- Clear Street: Buy (Raises Target to $3.50) (April 29)
- Susquehanna: Neutral (Raises Target to $2.75) (April 9)
- Jefferies: Hold (Lowers Target to $1.80) (March 9)
PLUG Shares Climb Wednesday Morning
PLUG Price Action: Plug Power shares were up 4.29% at $3.16 at the time of publication on Wednesday, according to Benzinga Pro data.
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