Plug Power (NASDAQ:PLUG) shares are down during Thursday’s premarket session. The company prepares to ring the NASDAQ Closing Bell on March 6, 2026.
The company’s new CEO, Jose Luis Crespo, will be available for interviews during the bell-ringing ceremony, highlighting the company’s recent progress.
PLUG’s New CEO and Revenue Growth
This event comes on the heels of the company announcing a full year revenue increase of 12.9% year-over-year earlier this week.
This month, the company revealed full year revenue of around $710 million, driven by higher equipment sales volume and a strong global commercial momentum.
In addition, the company reported that its GenEco electrolyzers contributed a record $187 million in revenue, with an impressive $8 billion global sales funnel.
Over 300 megawatts of these electrolyzers have been deployed worldwide, showcasing significant commercial adoption across six continents.
Plug projects revenue growth in 2026 that mirrors last year's pace. Crespo pointed to expanding demand in material handling and electrolyzers.
PLUG’s Bearish Technical Indicators
The broader market experienced declines on the previous trading day, with the Dow Jones falling 0.23%, the Nasdaq down 0.14%, and the S&P 500 slipping 0.10%.
Plug Power’s stock decline occurred as the broader market faced downward pressure, indicating that the stock’s movement may be influenced by larger market trends rather than company-specific issues.
Currently, Plug Power is trading 10.2% below its 20-day simple moving average (SMA) and 12.5% below its 100-day SMA, indicating a bearish trend in the short to medium term.
Over the past 12 months, shares have decreased significantly, and the stock is positioned closer to its 52-week lows than highs.
The RSI is at 50.00, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold at this time.
Meanwhile, MACD is at -0.05, below its signal line at 0.10, indicating bearish pressure on the stock. The combination of neutral RSI and bearish MACD suggests mixed momentum, reflecting uncertainty in the stock’s short-term direction.
- Key Resistance: $3.00
- Key Support: $2.00
PLUG’s Earnings Forecast and Analyst Ratings
Looking further out, the next major catalyst for the stock arrives with the May 11, 2026 earnings report.
- EPS Estimate: Loss of 9 cents (Up from Loss of 21 cents)
- Revenue Estimate: $178.29 million (Up from $133.67 million)
Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $2.41. Recent analyst moves include:
- Wells Fargo: Equal-Weight (Raises Target to $2.00) (Mar. 4)
- HC Wainwright & Co.: Buy (Maintains Target to $7.00) (Mar. 3)
- TD Cowen: Downgraded to Hold (Lowers Target to $2.00) (Jan. 9)
PLUG Price Action: Plug Power shares were down 2.82% at $2.41 during premarket trading on Thursday, according to Benzinga Pro data.
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