Plug Power

PLUG · NASDAQ

$1.40+$0.03 (+2.19%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $1.37

PLUG analyst rating

HoldConsensus of 12 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy4
Hold6
Underperform2
Sell0

12-month price target · 21 analysts

Average $3.57 (+154.8% upside)

Low: $0.7575
Now: $1.40
High: $7.35

Upgrades and downgrades

The latest rating actions, newest first

PLUG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Susquehanna	Oct 14, 2026	Maintains	Neutral	$2.50 → $1.75	49%
HC Wainwright & Co.	Sep 29, 2026	Maintains	Buy	$7.00	34%
Roth Capital	Aug 12, 2026	Maintains	Buy	$3.50 → $5.00	31%
HC Wainwright & Co.	Aug 11, 2026	Maintains	Buy	$7.00	34%
Susquehanna	Jul 10, 2026	Maintains	Neutral	$3.75 → $2.50	49%
Morgan Stanley	Jul 9, 2026	Maintains	Underweight	$1.50 → $1.65	43%
Wells Fargo	May 19, 2026	Maintains	Equal-Weight	$2.00 → $2.50	62%
Susquehanna	May 13, 2026	Maintains	Neutral	$2.75 → $3.75	49%
Canaccord Genuity	May 12, 2026	Maintains	Hold	$2.50 → $4.00	34%
B. Riley Securities	May 12, 2026	Maintains	Buy	$3.00 → $5.00	18%

The case for and against

Updated Oct 14, 2026

Bull case

Plug Power is improving its fundamentals through a clear margin inflection, with 2Q26 revenue of $178.3 million, gross margin nearing breakeven at (0.9%), and operating expenses falling sharply to $64.1 million from $176.9 million in 2Q25. Its outlook is further supported by durable demand in material handling, where GenDrive deployments more than doubled to 1,666 units, and by an expanding electrolyzer pipeline with FID, FEED, and commissioning progress across the UK, Quebec, Spain, Portugal, and Australia. Financial flexibility is also improving as cash use fell to $61 million in 2Q26, asset monetization is expected to generate $275 million, and management raised 2Q26 guidance and targets adj-EBITDA+ in 4Q26.

Bear case

Plug Power is viewed cautiously because its valuation already assumes long-term success in a volatile hydrogen market, leaving the shares vulnerable to any missed milestones, delayed catalyst timing, or “lumpy” results. The company also faces meaningful execution and dilution risk as it transitions from an R&D-heavy history to manufacturing at scale, while lower-than-expected GenDrive shipments, rising production costs, and dependence on customer and supplier relationships could pressure revenue and margins. Competition from OEMs that may vertically integrate fuel cell systems, fast-charger substitution, regulatory uncertainty, and weak macro conditions tied to GDP-sensitive forklift demand further cloud adoption and cash-flow visibility.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.