Plug Power inc Stock Price surges on hydrogen sector upgrades

NASDAQ:PLUG had a rocky month of February to say the least, after hitting an all-time high price of $75.49 in late January, the stock proceeded to fall by 30% before the start of March. On Tuesday, alongside a NASDAQ rebound of 3.7% which represented the index’s best trading session since November, Plug added 11.05% to close the day at $42.32. Shares are still far below the 50-day moving average price of $57.83, so Plug is far from out of the woods when it comes to the recent correction the stock has experienced. 

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Plug reported its quarterly earnings at the end of February and gave shareholders an important update on its short-term plans. First and foremost, Plug completed its massive deal with Korean industrial conglomerate SK Holdings worth approximately $1.6 billion. This also serves as Plugs entry into Asia as it has plans to build a fuel cell plant that will serve new markets such as China. On top of this, Plug CEO Andrew Marsh recently reiterated that the company is also working on a European expansion for a continent that is already working on switching over much of its industrial manufacturing to hydrogen powered machinery.

PLUG Stock forecast

Plug also announced some plans closer to its Latham, New York home base as it is planning for North America’s largest hydrogen generation plant which will serve the Northeastern area of the United States. Combined with its existing plant in Tennessee, Plug aims to provide the country with 500 tons of green hydrogen per day by 2025, with growth to 1000 tons per day by 2028.