Why Plug Power Stock Soared Today

Key Points

• Plug Power stock gained ground in conjunction with a bullish day of trading for the broader market.

• The company also revealed that it expects to shift into posting positive EBITDA in 2026.

• Today's gains extend a recent rally for Plug Power that was kicked off by bullish tax-credit developments,

Plug Power (NASDAQ: PLUG) stock closed out Thursday's trading with big gains. The company's share price rose 5% in the session amid a 0.8% gain for the S&P 500 and a 1% gain for the Nasdaq Composite. The stock had been up as much as 10.7% earlier in the day.

A better-than-expected jobs report and increasing optimism surrounding the broader macroeconomic backdrop for stocks helped support gains for the broader market, and Plug Power also had some good news for investors. The company submitted a business update filing with the Securities and Exchange Commission (SEC) and laid out some encouraging targets.

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Plug Power stock jumps as company targets EBITDA profitability

In an 8-K filing submitted to the SEC today, Plug Power said that it expects gross margins to be stable on an annual basis this year. The company also expects that it will start posting positive earnings before interest, taxes, depreciation, and amortization (EBITDA) at some point in 2026.

In addition to the business update, the company also published a series of filings showing that members of its management team and board of directors had purchased stock. The hydrogen fuel cell specialist's share price is now up roughly 79% over the last month, and the company has posted big gains recently following an unexpected extension of hydrogen tax credits. .

What's next for Plug Power?

Plug Power stock has been highly volatile this year and is still down roughly 31% year to date on the heels of its recent rally. It's also down roughly 84% over the last five years, but some investors are seeing signs that some of the company's turnaround bets may be falling into place.

While it's no surefire sign that the stock is poised to bound above current levels, recent share acquisitions by members of the renewable energy specialist's leadership team are encouraging. The company still has a lot of proving to do, but its outlook is looking better following the extension for hydrogen tax credits.

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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.