Why Is Plug Power Stock Surging Over 20% Premarket Today?

H.C. Wainwright upped the price target for the stock to $7 from $3 on Friday, citing "significant" increases in electricity prices as well as the regulatory support and market demand for nuclear power
In this photo illustration, the Plug Power Inc. logo is displayed on a smartphone screen.
In this photo illustration, the Plug Power Inc. logo is displayed on a smartphone screen. (Photo by Cheng Xin/Getty Images)
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Shanthi M·Stocktwits
Published Oct 06, 2025   |   5:34 AM GMT-04
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Plug Power, Inc. (PLUG) shares rallied about 20% in Monday’s early premarket session, building on the nearly 35% gain seen on Friday. The company provides hydrogen fuel cell energy solutions. 

Four times the average volume accompanied Friday’s rally in Plug Power stock, lending credence to the upside, which came after a Wall Street firm notably increased the price target for the stock. H.C. Wainwright increased the price target for the stock to $7 from $3 on Friday, citing "significant" increases in electricity prices, as well as the regulatory support and market demand for nuclear power that have emerged over the last six months, according to a summary of the note on The Fly.

The analysts at the firm also flagged a potential short-squeeze. According to Koyfin, the short interest in Plug Power stock is 30.30%, only slightly off its all-time high of 31.4% seen in March.

The sharp rally since mid-September has helped the stock erase its year-to-date losses, and it is now up approximately 79% for the year. The company recently reported that production levels at its Georgia hydrogen facility have reached a record high. It also amended its at-the-market equity sales agreement, allowing the issuance of up to $1 billion in common stock.

Wall Street analysts, however, are not optimistic about Plug Power. The average analysts' price target for the stock is $2.42, according to Koyfin, implying roughly 37% downside from Friday's close. The recent rally has put Plug Power stock in extremely overbought territory, with the 14-day relative strength index (RSI) showing a reading of '83.'  A reading above 70 on the RSI suggests that the stock has risen too much and too quickly.

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