Shares of hydrogen fuel-cell provider Plug Power Inc (NASDAQ:PLUG) are trading lower Thursday morning, after a strong Wednesday that saw the stock close up more than 25%. Here’s what investors need to know.
What To Know: The recent surge in Plug shares has been fueled by growing excitement over the potential for its technology to meet the immense energy demands of artificial intelligence data centers and a significant operational update from its European operations.
The company announced Wednesday that it had delivered its first 10-megawatt electrolyzer to Galp’s Sines refinery in Portugal. This is the first of ten modules that will eventually create a 100-megawatt green hydrogen project, one of the largest in Europe. The move is seen as a strategic hedge against potential U.S. political and tax policy shifts.
This European expansion, coupled with the broader AI-related optimism, has contributed to an over 90% surge in Plug Power’s stock in the past month. While the company’s stock is still considered highly speculative, investors are showing increased confidence in its potential to become a key player in the global transition to green energy.
Benzinga Edge Rankings: Reflecting the stock’s powerful recent rally, Benzinga Edge rankings show Plug Power with an exceptionally strong Momentum score of 90.90.
PLUG Price Action: Plug Power shares were down 5.12% at $2.78 at the time of publication Thursday, according to Benzinga Pro. The stock is trading near its 52-week high of $3.32.
The stock is above its 50-day moving average of $1.75, indicating a bullish trend in the short term, while the longer-term moving averages (100-day at $1.46 and 200-day at $1.58) suggest a potential support zone. The recent high of $2.96 serves as a resistance level, with the low of $2.82 marking immediate support.
Read Also: Trump's Hydrogen Lifeline Could Revive Plug Power's Stalled Plans
How To Buy PLUG Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Plug Power’s case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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