Plug Power Stock Edges Higher As Shareholders Approve Share Increase, Avoid Reverse Split

Plug Power Inc (NASDAQ:PLUG) shares are trading marginally higher Friday after investors approved a plan to boost the hydrogen company's authorized share count, sidestepping a reverse split and clearing the way for fresh equity raises. Here’s what investors need to know.

• Plug Power stock is building positive momentum. What’s driving PLUG shares up?

Capital Flexibility, Strategic Growth

For shareholders, the vote is about more than mechanics. Plug is racing to fund fuel-cell plants, expand hydrogen production and serve industrial and data-center customers.

Extra shares give management flexibility to raise cash in smaller, staged offerings instead of being pushed into a reverse split that could have scared off institutions and increased volatility.

What Investors Will Watch Next

The authorization also buys Plug time with creditors and suppliers. A thicker equity cushion can help renegotiate financing, secure long-term supply deals and keep strategic partners engaged while the company works to prove its business model and move toward positive cash flow.

Still, the decision sharpens the trade-off for holders. Future stock sales will dilute existing investors, and management will now be judged on how carefully it taps capital markets and whether new funds flow into projects that grow revenue and narrow losses.

Plug Power Technical Analysis Update

Currently, Plug Power is trading 15.4% below its 20-day simple moving average (SMA) and 25.2% below its 100-day SMA, indicating a challenging short-term outlook.

Over the past 12 months, shares have increased by 3.41% and are positioned closer to their 52-week lows than highs, reflecting ongoing volatility.

The RSI is at 38.38, which is considered neutral territory, while the MACD is below its signal line, indicating bearish pressure on the stock.

The combination of neutral RSI and bearish MACD suggests mixed momentum.

• Key Resistance: $2.00
• Key Support: $1.50

March 2 Earnings Preview

Investors are looking ahead to the next earnings report on March 2.

• EPS Estimate: Loss of 10 cents (Up from $-1.65 YoY)
• Revenue Estimate: $218.70 million (Up from $191.47 million YoY)

Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $2.38. Recent analyst moves include:

• TD Cowen: Downgraded to Hold (Lowers Target to $2.00) (Jan. 9)
• Clear Street: Upgraded to Buy (Lowers Target to $3.00) (Dec. 31, 2025)
• Canaccord Genuity: Hold (Maintains Target to $2.50) (Nov. 20, 2025)

Top ETF Exposure

• Global X Hydrogen ETF (NASDAQ:HYDR): 12.33% 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.

PLUG Shares Edge Higher Friday

PLUG Price Action: Plug Power shares were up 1.65% at $1.85 at the time of publication on Friday, according to Benzinga Pro data.

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