Earnings Report: Plug Power reported a quarterly loss of 12 cents per share, slightly better than analyst expectations, but revenue of $177.05 million fell short of the $179.53 million estimate.
Future Goals: The company aims to reach gross-margin breakeven by the end of 2025 and targets EBITDA positivity in the second half of 2026, contingent on demand growth.
Analyst Insights: JP Morgan's Bill Peterson maintains a Buy rating, noting that the company will not pursue a DOE loan for its Texas plant and is focusing on liquidity improvements, including selling electricity rights.
Stock Performance: PLUG shares have seen a 28% increase over the past year but are currently down 4.88% to $2.43, with expectations of continued volatility linked to broader market themes.
Wall Street analysts forecast PLUG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.46 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
Wall Street analysts forecast PLUG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.46 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Buy
8 Hold
3 Sell
Hold
Current: 2.220
Low
0.75
Averages
2.46
High
7.00
Current: 2.220
Low
0.75
Averages
2.46
High
7.00
TD Cowen
Buy
to
Hold
downgrade
$4 -> $2
2026-01-09
Reason
TD Cowen
Price Target
$4 -> $2
AI Analysis
2026-01-09
downgrade
Buy
to
Hold
Reason
TD Cowen downgraded Plug Power to Hold from Buy with a price target of $2, down from $4. The firm moves to the sidelines to monitor the company's execution given demand challenges in material handling and electrolyzers. Plug's electrolyzer ramp may take longer to materialize, the analyst tells investors in a research note.
Clear Street
Hold
to
Buy
upgrade
$3
2025-12-30
Reason
Clear Street
Price Target
$3
2025-12-30
upgrade
Hold
to
Buy
Reason
Clear Street upgraded Plug Power to Buy from Hold with a price target of $3, down from $3.50.
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Clear Street
Tim Moore
Hold
to
Buy
upgrade
$3
2025-12-30
Reason
Clear Street
Tim Moore
Price Target
$3
2025-12-30
upgrade
Hold
to
Buy
Reason
Clear Street analyst Tim Moore upgraded Plug Power to Buy from Hold with a price target of $3, down from $3.50. The firm sees more attractive upside in the shares following the recent selloff. It cites dilution from Plug Power's convertible refinancing in late November for the target drop. Plug has a "path to profitability" as its $200M of annual cost savings, higher recent pricing and volume growth leverage should drive gross margin expansion as early as the June quarter, the analyst tells investors in a research note. Clear believes execution of the Allied Green Ammonia contract could be the catalyst for Plug Power to achieve positive adjusted EBITDA.
Susquehanna
Neutral
downgrade
2025-11-17
Reason
Susquehanna
Price Target
2025-11-17
downgrade
Neutral
Reason
Susquehanna lowered the firm's price target on Plug Power to $2.50 from $3.50 and keeps a Neutral rating on the shares. The firm said the company reported 3Q results, with both revenue and EPS coming in behind firm estimates. The company continues to make progress on reducing its cash burn and expects to exit the year with breakeven gross margins. The electrolyzer business is expected to do ~$200M in FY'25 revenue and the pipeline for new orders remains healthy.
About PLUG
Plug Power Inc. is engaged in offering end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals. The Company develops commercially viable hydrogen and fuel cell product solutions. It provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations, to generate hydrogen on-site. It focuses on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites and environmental benefits; stationary power systems that supports critical operations, such as data centers, microgrids and generation facilities, in either a backup power or continuous power role and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers; and production of hydrogen.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
