Plug Power Stock (PLUG) Rally Continues as Investors’ Confidence Rises

Plug Power (PLUG) stock has continued to rally on Tuesday following two major announcements from the hydrogen fuel cell solutions and alternative energy technology company yesterday. Those included a $5 billion deal with Allied Green Ammonia to develop sustainable fuels facilities in Uzbekistan.

Following that announcement, a filing with the Securities and Exchange Commission (SEC) revealed insider trading. Plug Power Chief Financial Officer Paul Middleton purchased 650,000 shares of PLUG stock at an average price of $1.0339 per share.

Middleton maintained optimism while discussing his recent PLUG stock purchase. The CFO said, “I believe deeply in Plug’s ability to lead this energy transition—and I’m proud to continue investing in that future,” while speaking about its hydrogen fuel cell offerings.

Plug Power Analyst Coverage and Stock Movement

Plug Power also received an analyst update yesterday before any of its announcements. Craig-Hallum analyst Eric Stine reiterated a Buy rating for PLUG stock but didn’t provide a price target for the shares.

PLUG stock saw strong gains on Monday following those two updates. That positive movement continued today, with shares up 12.3% on Tuesday morning. However, Plug Power shares are still down 35.21% year-to-date and 58.22% over the past month.

PLUG stock also continued to see strong trading on Tuesday, with over 106.15 million units traded. That’s closing in on its three-month daily average trading volume of about 152.25 million shares.

Is Plug Power Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Plug Power is Hold, based on four Buy, 12 Hold, and four Sell ratings over the past three months. With that comes an average PLUG stock price target of $1.45, representing a potential 5.84% upside for the shares.

See more PLUG stock analyst ratings