How Does Analysts Feel About Plug Power? BTIG Reiterates Hold Rating on PLUG

Plug Power Inc. (NASDAQ:PLUG) is one of the 12 Best NASDAQ Penny Stocks to Buy According to Hedge Funds. On September 2, BTIG reiterated its Hold rating on Plug Power Inc. (NASDAQ:PLUG), without any price target on the stock.

Gregory Lewis from BTIG retains the rating on Plug Power ahead of the company’s robust sales of Electrolyzer, with sales more than tripled from a year ago to $45 million during Q2 FY2025. This growth highlights the increasing role of GenEco in industrial applications. The company’s revenue was around $174 million, up 21% year-over-year, driven by robust demand across its GenDrive, GenFuel, and GenEco platforms.

Lewis does not have a price target yet as the company is struggling to achieve profitability. Despite improving gross margins significantly from -92% in Q2 FY2024, it remains around -31% as reported in Q2 FY2025. The company is focusing on better service execution, competitive hydrogen pricing, and product cost reductions.

Craig Irwin from Roth MKM also reiterates a Buy rating on PLUG, with a price target of $3.5. Irwin sees positive production activity at the Vista facility, experiencing large materials handling orders in fulfillment, notable electrolyzer activity, and a GenSure project for a rail customer to be key growth aspects for the company.

As of September 12, Plug Power Inc.’s (NASDAQ:PLUG) average price target of $1.77, based on analysts’ estimates, implies an upside of almost 16.78% from current levels.

Plug Power Inc. (NASDAQ:PLUG) offers an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company produces commercially viable hydrogen and fuel cell production solutions.

While we acknowledge the potential of PLUG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.