Why Plug Power Stock Is Surging Today
Key Points
Clear Street raised its one-year price target on Plug Power in a new analyst note published yesterday.
Some investors are betting that alternative energy stocks are in store for a big rally.
- 10 stocks we like better than Plug Power ›
Plug Power (NASDAQ: PLUG) stock is seeing big gains in Wednesday's trading. The company's share price was up 11.2% as of 3 p.m. ET. Meanwhile, the S&P 500 was down 0.4% at the same point in the day, and the Nasdaq Composite had seen a decline of 0.2%.
Plug Power's valuation is moving higher today thanks to positive analyst coverage. The company's share price is likely also getting a boost from meme-stock momentum and a rising trade trend in renewable energy technologies. As of this writing, the stock is up roughly 70% year to date.
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Clear Street just raised its price target on Plug Power
After the market closed yesterday, Clear Street published new coverage on Plug Power. The investment firm maintained a buy rating on the stock and increased its one-year price target from $3 per share to $3.50 per share. While the company sees Plug's revenue in the first half falling short of its previous forecast, it also raised its target for sales in the second half. Tim Moore, Clear Street's lead analyst on the stock, expects that Plug Power will continue to see encouraging momentum for contract wins and said that the company's adequate liquidity should allow it to carry out its scaling ambitions.
Is Plug Power poised for more big gains?
In addition to the price-target increase from Clear Street, Plug Power stock also appears to be seeing bullish momentum connected to a resurgence for meme-stock trading and an emergent trend that sees investors positioning to benefit from the potential for rising demand for alternative energy sources. With the Iran war disrupting a substantial portion of global oil shipments, some investors and analysts are betting that alternative-energy specialists could be poised for big rallies.
Should you buy stock in Plug Power right now?
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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