PLUG Stock: Why It Substantially Increased This Week

By Amit Chowdhry ● Oct 13, 2021
  • The stock price of Plug Power Inc (NASDAQ: PLUG) increased by over 24% this past week. This is why it happened.

The stock price of Plug Power Inc (NASDAQ: PLUG) increased by over 24% this past week and it is up over 4% pre-market today. Investors are buying the shares in anticipation of the company’s hydrogen conference tomorrow.

Plug Power CEO Andy Marsh was interviewed by Jim Cramer on CNBC’s Mad Money on Monday where he suggested that new deals could be announced tomorrow. And Marsh also said that Plug is cooperating with General Motors on materials handling.

Plus Barclays issued a bullish research report about Plug Power recently. Barclays had upgraded Plug Power to “Equal Weight” from “Underweight.” And Barclays analyst Moses Sutton maintained a $27 price target on the company. Sutton noted that the hydrogen event tomorrow could “reasonably ignite some momentum” and drive the shares towards a new baseline for the next 6-12 months.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.