Plug Power Inc (NASDAQ:PLUG) shares are trading lower on Friday, pulling back after trading sharply higher Thursday, following a recent partnership announcement with Walmart. The stock is down Friday morning after TD Cowen downgraded the stock from Buy to Hold and cut its price target from $4.00 to $2.00. Here’s what investors need to know.
Strategic Partnership With Walmart Fuels Growth Potential
In a recent SEC filing, Plug Power announced it has entered into an agreement with Walmart to provide a limited-use license for certain GenKey System-related materials. This partnership aims to assist Walmart in identifying and qualifying alternative stack suppliers, which could enhance Plug Power’s market position.
Additionally, the company has made strides in refinancing its debt, successfully replacing high-interest obligations with a convertible note offering exceeding $430 million. This financial maneuver, along with progress on projects in France and Namibia, indicates a strategic shift towards more sustainable growth.
The broader market is experiencing gains, with the Nasdaq-100 up 0.32% and the S&P 500 gaining 0.36%. Plug Power’s performance aligns with the positive sentiment, as the State Street Industrial Select Sector SPDR ETF (NASDAQ:XLI) is up 0.66%, suggesting the stock is also moving in tandem with broader market trends.
Also Read: Plug Power Stock Jumps Sharply After Debt Fix, NASA Hydrogen Deal
Is Plug Power Ready For A Turnaround?
Plug Power is currently trading 3% above its 20-day simple moving average (SMA) and 3.6% below its 100-day SMA, indicating some short-term strength but longer-term challenges. Over the past 12 months, shares have decreased by approximately 20.91%, and they are currently positioned closer to their 52-week lows than highs.
The RSI stands at 54.73, suggesting neutral momentum, while the MACD is above its signal line, indicating bullish conditions. The combination of a neutral RSI and bullish MACD suggests mixed momentum for the stock.
Analysts Divided: What's Next For PLUG?
Investors are looking ahead to the next earnings report on March 2, 2026.
- Revenue Estimate: $218.09 million (Up from $191.47 million YoY)
Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $2.40. Recent analyst moves include:
- Clear Street: Upgraded to Buy (Lowered Target to $3.00)
- Canaccord Genuity: Hold (Target $2.50)
- Susquehanna: Neutral (Lowered Target to $2.50)
Benzinga Edge Rankings
Below is the Benzinga Edge scorecard for Plug Power Inc. (PLUG), highlighting its strengths and weaknesses compared to the broader market:
- Momentum: Neutral (Score: N/A) — Current trends are neither strongly bullish nor bearish.
- Quality: Neutral (Score: N/A) — The company’s financial health is stable.
- Value: Risk (Score: N/A) — The stock appears to be overvalued compared to peers.
The Verdict: Plug Power Inc.’s Benzinga Edge signal reveals a mixed outlook. While the stock’s current trends are stable, the lack of strong momentum or quality signals suggests caution for potential investors.
Top ETF Exposure
- Global X Hydrogen ETF (NASDAQ:HYDR): 11.28% Weight
- Research Affiliates Deletions ETF (NASDAQ:NIXT): 1.37% Weight
- Direxion Hydrogen ETF (NYSE:HJEN): 6.90% Weight
Significance: Because PLUG carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
Price Action
PLUG Price Action: Plug Power shares were trading at $2.33 at the time of publication on Friday, according to Benzinga Pro data.
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