Plug Power Stock Forecast: Walmart deal puts PLUG on a charge higher


  • Plug Power stock charges higher on Wednesday as it does a deal with Walmart.
  • Plug Power is a retail interest stock, so volatility and it go hand in hand.
  • PLUG stock stalls at 200-day moving average on Wednesday.

Plug Power (PLUG) stock had been trending steadily higher since bottoming out at the beginning of the year at $17.51. Since then the investor community has focused more and more attention on green energy stocks as the energy crisis deepens with the Ukraine conflict. Oil and gas prices have skyrocketed, meaning alternative power sources are in demand. This trend has been even more pronounced in Europe as the continent remains heavily dependent on Russian oil and gas imports. Plug Power is a fuel cell producer using hydrogen to produce a green and clean energy fuel cell. These fuel cell batteries can be used to power electric vehicles and commercial electric vehicles. The company also delivers green hydrogen solutions to businesses, and it is this area that saw PLUG and Walmart (WMT) reach a supply agreement.

PLUG Power Stock News: Walmart deal reignites interest

Plug Power announced on Tuesday that it had reached an agreement with Walmart to deliver up to 20 tonnes of liquid green energy hydrogen per day to Walmart in order for the retail giant to power lift trucks across its distribution network in the US.

“Walmart has been an early adopter of innovative hydrogen and fuel cell technology for over a decade, and our hydrogen-powered solutions offer a tool to enhance productivity improvements for Walmart’s operations,” said Andy Marsh, CEO of Plug. “Now our green hydrogen solutions will provide Walmart with the ability to achieve significant carbon reduction. We are honored to expand our relationship with Walmart and realize our shared vision for a green hydrogen future.”

Walmart also chipped in positively, saying that “Hydrogen is critical to helping us power a more sustainable supply chain, and Plug Power’s hydrogen solutions allow us to continue making progress,” said Jeff Smith, senior director of supply chain maintenance services. “Sourcing green hydrogen can help bring Walmart closer to reaching our goal of zero emissions by 2040.”

Positive slaps on the back all round then! Certainly, the investment community tended to agree as PLUG closed up just under 10% on the news.

PLUG Stock Forecast: Aiming for $32

A strong uptrend can be identified in PLUG stock since the beginning of 2022. This is down to PLUG itself. Is the company merely benefitting from the energy price escalation due to the Russia-Ukraine war though? That is not necessarily the key question depending on your time horizon. In the long run stock prices tend to reflect company-specific fundamentals, but short-term price swings can be due to news events and macroeconomic factors. Currently, the green energy sector is certainly en vogue as investors predict rising investment in alternative energy sources. How is PLUG positioned to benefit from this? It certainly has strong plans with revenue growth expected to maintain its current pace. Revenue more than doubled from 2019 to 2021, but PLUG is burning cash, excuse the pun, so it has yet to turn a profit. 

Looking solely at technicals, we had a powerful double bottom signal at $18.16. In line with this, both the Relative Strength Index (RSI) and Money Flow Index (MFI) signaled bullish divergences on the second bottom at $18.16. Since then it has been in a continuous uptrend peaking at $32.05 on April 4. The low at $24.72 is key and is our short-term pivot. Above and we look for an eventual break of $32.05 to confirm the uptrend with resistance at $28.36 on the way from the 200-day moving average. Closing above this gives increasing confidence that $32.05 will be broken.

PLUG stock chart, daily

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD declines toward 1.0450 on USD recovery

EUR/USD declines toward 1.0450 on USD recovery

EUR/USD struggles to gain traction and declines toward 1.0450 on Tuesday despite the upbeat ZEW Survey - Economic Sentiment data for Germany and the Eurozone. Rising US Treasury bond yields support the US Dollar and weigh on the pair.  

EUR/USD News
GBP/USD struggles to hold above1.2600

GBP/USD struggles to hold above1.2600

GBP/USD stays under modest bearish pressure and trades below 1.2600 on Tuesday. Earlier in the day, the pair edged higher with the initial reaction to the UK labor market data, which showed that the Unemployment Rate held steady at 4.4% in the three months to December.

GBP/USD News
Gold gathers bullish momentum, rises to $2,920 area

Gold gathers bullish momentum, rises to $2,920 area

Gold builds on Monday's modest gains and rises to the $2,920 area on Tuesday. Markets brace for headlines to come in from Saudi Arabia, where US and Russian officials are meeting for peace talks. Meanwhile, rising US T-bond yields could limit XAU/USD's upside.

Gold News
Why Solana, XRP, Dogecoin and BNB are crashing?

Why Solana, XRP, Dogecoin and BNB are crashing?

Solana (SOL), XRP, Dogecoin (DOGE) and Binance Coin (BNB) decline on Tuesday. Top altcoins ranked by market capitalization are in a downward trend, even though Bitcoin (BTC) continues to consolidate around the $95,000 level. 

Read more
Rates down under

Rates down under

Today all Australian eyes were on the Reserve Bank of Australia, and rates were cut as expected. RBA Michele Bullock said higher interest rates had been working as expected, slowing economic activity and curbing inflation, but warned that Tuesday’s first rate cut since 2020 was not the start of a series of reductions.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025