Plug Power Inc. ($PLUG) Stock Forecast: Down 5.2% Today

What is Plug Power Inc.?

Plug Power (NASDAQ: PLUG) operates in hydrogen fuel cell systems and saw a decline in its stock performance today.

Why is Plug Power Inc. going down?

PLUG stock is down 5.2% on Jun 28, 2024 17:51

• Despite being oversold and reaching a key support level, Plug Power showed bearish movement, indicating potential weakness in the stock.
• Despite utilizing the Inflation Reduction Act’s Section 45V Credit for Clean Hydrogen Production in future financial reports, there was no positive impact on Plug Power's stock price.
• Plug Power's receipt of a federal clean hydrogen production tax credit at its Georgia facility did not halt the bearish trend, pointing towards additional market dynamics influencing the stock.
• The renewable energy sector's overall growth potential remains promising, but Plug Power's specific performance today may be more linked to internal company factors or general market conditions rather than industry-wide trends.

PLUG Price Chart

PLUG News

Plug Power, Oversold At Key Support Level - Ready For An Upswing? - Plug Power ( NASDAQ:PLUG )

Plug Power Inc. PLUG may rally. It's oversold and at support. These dynamics tend to set the stage for a move higher. This is why our team of trading experts have named it our Stock of the Day. "Oversold" means a stock is trading below what would be its usual or typical trading range.

https://www.benzinga.com/trading-ideas/technicals/24/06/39554679/stock-of-the-day-plug-power-oversold-at-key-support-level-ready-for-an-upswing

Plug Power maintains stock target, Sector Perform rating amid tax credit news

https://www.investing.com/news/company-news/plug-power-maintains-stock-target-sector-perform-rating-amid-tax-credit-news-93CH-3501518

https://www.investing.com/news/company-news/plug-power-maintains-stock-target-sector-perform-rating-amid-tax-credit-news-93CH-3501518

What''s Going On With Hydrogen Fuel Cell Systems Company Plug Power Stock On Friday?

Plug Power Inc (NASDAQ: PLUG ) plans to leverage the Inflation Reduction Act’s (IRA) Section 45V Credit for the Production of Clean Hydrogen (PTC) in its upcoming quarterly financial reports . The development positions Plug Power among the first U.S. clean hydrogen producers to utilize this new incentive. The update sent the stock price higher on Friday. Also Read: Plug Power +64% After Securing $1.66B Loan Guarantee From Biden Administration The PTC offers up to $3.00 per kilogram for clean hydrogen produced in the U.S., making hydrogen production more cost-competitive with traditional fossil fuels. This benefit … Full story available on Benzinga.com

https://www.benzinga.com/government/24/06/39547150/whats-going-on-with-hydrogen-fuel-cell-systems-company-plug-power-stock-on-friday

Plug to Receive Federal Clean Hydrogen Production Tax Credit at Georgia Hydrogen Facility | PLUG Stock News

Plug Power (NASDAQ: PLUG) to leverage IRA''s $3/kg clean hydrogen credit, aiming for break-even margins by year-end and positive margins by 2025. Read more.

https://www.stocktitan.net/news/PLUG/plug-to-receive-federal-clean-hydrogen-production-tax-credit-at-yd9ifvtrssuz.html

3 Undervalued Renewable Energy Stocks to Buy for 100% Returns in 12 Months

Renewable energy stocks might not be among the best performers in the recent past. However, there is no doubt that the sector will continue to grow beyond the current decade. For a long-term investor, this is the best time to consider exposure to undervalued renewable energy stocks. Talking about the industry potential, global renewable energy investment was $486 billion in 2022. The International Renewable Energy Agency believes that annual global investment should reach $1.3 trillion by 2030. Further, global renewable power generation capacity would need to expand more than three-fold between now and the end of the decade. Clearly, the market opportunity is huge and some of the best renewable energy stocks have millionaire-maker potential. For now, there are several undervalued renewable energy stocks that can quickly double. Let’s discuss the fundamental factors that are likely to support the rally.

https://investorplace.com/2024/06/3-undervalued-renewable-energy-stocks-to-buy-for-100-returns-in-12-months/

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Plug Power Inc. Price History

25.05.2024 - PLUG Stock was up 5.9%

• Plug Power achieved a milestone by securing over 7.5 gigawatts in global Basic Engineering and Design Package (BEDP) contracts in a span of two years.
• The positive developments in Plug Power's expansion within the hydrogen solutions sector likely drove the stock's upward trend.
• Amid financial challenges and uncertainties faced by competitors, Plug Power's successful contracts and business expansion highlight its strength and future growth prospects in the market.

25.05.2024 - PLUG Stock was up 5.1%

• PLUG stock experienced a strong bullish movement today despite announcing a new European hydrogen deal.
• The market movement could be attributed to the positive sentiment surrounding green energy companies and the increasing demand for decarbonization solutions.
• The news of securing a new order for 25-megawatt electrolyzer systems in Europe showcases Plug Power's continued growth and expertise in the industry.
• Investors may be optimistic about Plug's potential to make a substantial impact in the green energy sector, driving the stock price higher.

14.05.2024 - PLUG Stock was up 5.0%

• PLUG stock might have experienced a bearish movement due to profit-taking after a period of strong growth in the renewable energy sector.
• The market sentiment towards renewable energy stocks could have shifted temporarily, leading to a sell-off in PLUG shares.
• Concerns over regulatory hurdles and logistical challenges in the hydrogen industry might have contributed to the bearish trend in PLUG stock.
• The overall market focus on penny stocks and other renewable energy companies with promising growth prospects could have diverted attention away from PLUG, leading to the bearish movement.

13.05.2024 - PLUG Stock was up 5.8%

• PLUG stock dropped significantly due to concerns regarding the company's fundamentals and general market sentiment.
• Mention of a dead cat bounce in reflective pieces hints at a decline in investor confidence regarding PLUG's future growth.
• The prevailing negative mood towards hydrogen shares, as discussed in reports on challenges faced by this sector, likely influenced PLUG's downward trajectory.
• In essence, ambiguity concerning regulations and uncertainties in the hydrogen technology market might have contributed to the recent decline in PLUG's stock value.

11.05.2024 - PLUG Stock was up 5.1%

• PLUG stock experienced a strong bearish movement on the market.
• The stock is falling sharply following concerns raised by a Senate probe initiated by a Republican Senator regarding a federal loan received by the company in May 2024. The investigation alleges a conflict of interest and poses a potential threat to U.S. taxpayers.
• The negative sentiment surrounding the regulatory scrutiny is likely contributing to the bearish movement in PLUG stock.
• Investors may be concerned about the potential implications of the probe on the company's operations and future prospects, leading to a sell-off in the stock.

05.05.2024 - PLUG Stock was up 8.7%

• PLUG stock faced a significant decline following news of a federal probe initiated by Republican Senator John Barrasso regarding a $1.7 billion conditional line of financing from the U.S. Department of Energy. This scrutiny raised concerns about potential conflicts of interest and risks to U.S. taxpayers.
• The negative sentiment surrounding PLUG was further exacerbated by the company holding an underperform stock rating amid the Department of Energy loan scrutiny, indicating investor skepticism about its future performance.
• The market movement could be attributed to the uncertainty and regulatory challenges PLUG is currently facing, leading investors to react bearishly to the news of the federal probe and underperform rating.
• Despite PLUG's recent surge in stock price after securing new funding, the market sentiment turned sour due to the increased scrutiny and uncertainties surrounding the company's financial dealings, resulting in the bearish movement witnessed today.

05.05.2024 - PLUG Stock was up 8.4%

• The news of the upcoming annual meeting possibly did not generate excitement among investors, leading to a lack of positive outlook for the stock.
• Suggestions to sell during a period of market strength may have raised doubts and led to profit-taking, influencing the bearish movement.
• References to post-U.S. Presidential election political uncertainties may have prompted investors to reassess their positions in the stock.
• The connection to GameStop Corp's market surge following a social media phenomenon could have shifted attention and trading activity away from Plug Power, impacting its performance negatively.

04.05.2024 - PLUG Stock was up 5.1%

• The recent increase in Plug Power's shares might not represent a sustainable recovery, as the root causes of the previous stock decrease remain unresolved.
• Potential political uncertainties following the U.S. Presidential election could further influence the stock's performance, contributing to the existing unknowns.
• While it may be tempting to assume that the stock price already accounts for the worst-case scenario, selling at this juncture could be a wise decision due to the ongoing difficulties and potential risks.
• The collaboration with US-based Plug and Play could bring some positive developments for Plug Power, but the current downward trend seems to be predominately influenced by market sentiment today.

31.04.2024 - PLUG Stock was up 5.1%

• PLUG stock had a strong bullish movement today, increasing by over 15% since reporting its first-quarter earnings.
• The company received a $1.66 billion conditional commitment loan guarantee from the Department of Energy's Loan Programs Office, which boosted investor confidence.
• Despite a significant revenue drop and ongoing losses, CEO Andy remains optimistic about Plug's role in advancing the hydrogen economy globally.
• The bullish movement could also be influenced by the overall market sentiment towards renewable energy companies and the potential for future growth in the sector.

29.04.2024 - PLUG Stock was up 5.2%

• Plug Power is a pure-play hydrogen company specializing in proton exchange membrane fuel cells, utilizing hydrogen to power electric vehicles and electric grids.
• PLUG stock experienced a strong bearish movement today.
• The market for green energy stocks, including hydrogen, has been facing challenges due to reduced government subsidies and a shift towards prioritizing profits and cash flows over revenue growth and potential.
• The bearish movement in PLUG stock today can be attributed to:
• Reduced investor interest in green energy stocks, including hydrogen, as government subsidies diminish and focus shifts towards profitability.
• Negative sentiment towards hydrogen stocks in general due to challenges in the industry, such as regulatory roadblocks for hydrogen transportation and uncertainty around hydrogen tax credits.
• PLUG being singled out as one of the "Sorry Hydrogen Stocks to Sell" in May, contributing to a lack of investor confidence and selling pressure on the stock.

24.04.2024 - PLUG Stock was up 5.0%

• PLUG stock rose over 7% following an announcement of a collaboration with Delta Airlines to investigate hydrogen power infrastructure at the Atlanta airport.
• Despite the positive development, there were concerns regarding potential over-investment in PLUG stock, considering the associated risks and recent financial results.
• The enthusiasm surrounding PLUG's prospects in the hydrogen industry may have been tempered by investor caution, resulting in the downward movement.
• The general market sentiment towards speculative trading in clean energy and meme stocks may have played a role in the stock's decline today.

22.04.2024 - PLUG Stock was up 6.8%

• Not viewing a billion-dollar loan as a major catalyst may have tempered some investor enthusiasm, but the overall sentiment towards the stock remains positive.
• The mention of a lead plaintiff deadline in a lawsuit might have briefly introduced uncertainty, but the market appears to have largely disregarded this development.
• Interest in clean energy penny stocks with high returns potential could have driven speculative interest towards PLUG, influencing its bullish performance.
• The industry's shift towards hydrogen as a key player in emissions reduction, along with the promise of green hydrogen adoption in different sectors, may have also increased investor confidence in Plug Power.