Why Is Plug Power Stock Rising Today?

Plug Power (PLUG) shares jumped 13% during midday trading on Monday after Craig-Hallum reportedly raised its price target on the stock to $4 from $2, noting an inflection point in the company’s business.

Craig-Hallum maintained a ‘Buy’ rating on the stock, according to Investing.com. The firm noted that Plug Power is actively working to boost investor engagement in the coming months as market interest gains momentum.

According to the brokerage, this move aligns with the company’s efforts to transition from hyper-growth and major investment toward a more focused approach on core markets and cost efficiency.

Retail sentiment on Plug Power remained unchanged in the ‘extremely bullish’ territory, with message volumes at ‘extremely high’ levels, according to data from Stocktwits. The retail user message count on the stock increased 45% in the last 24 hours on Stocktwits.

On Monday, Plug Power said that it has filed for the potential resale of some or all of the 185 million-plus shares of its common stock that may be issuable upon exercise of the warrants.

Last week, BTIG reiterated its "Hold" rating on the stock and noted the robust sales of Plug Power's Electrolyzer products, which more than tripled year-over-year to $45 million in the second quarter, driving a 21% increase in total revenue.

A bullish user on Stocktwits noted that the stock can potentially rise above $2.50.

Shares of Plug Power have increased nearly 14% this year and have gained 21% in the last 12 months.

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