Plug Power Shares Northward Bound: Plug Power stock, which began to lose some momentum after it hit an all-time high of $75.49 on Jan. 26, has got its mojo back.
After settling the week ended Jan. 29 down about 5.5% at $63.17, the stock started the running week on a firm note.
The stock gained a little over 1% Monday and a more modest 0.6% Tuesday.
The rally picked up steam Wednesday, with the hydrogen fuel cell energy company adding about 5% in the session. The stock is higher yet again Thursday.
The Drivers Behind the Rally: In general, green energy stocks are in favor amid the thrust to move away from non-renewable, pollution-causing fossil fuels. The change of guard at White House, which is pro-green energy only added to the enthusiasm.
In company-specific news, Plug Power is planning to build a green hydrogen plant in New York's Genesee County, Buffalo News reported Wednesday. The plant will supply to freight transportation and materials handling equipment, the report said.
Construction is set to start in March and is expected to be completed by December 2022.
The report also said the Western New York Power Proceeds Allocation Board has recommended awarding $1.5 million to support Plug Power's project.
Some of the buoyancy in the stock Wednesday may also have to do with Bernstein initiating coverage of Plug Power shares with an Outperform rating and $75 price target.
Wall Street analysts, on average, have a Strong Buy rating on Plug Power shares. The average 12-month price target for the shares is $65.65, which incidentally suggests downside from current levels.
PLUG Price Action: At last check, Plug Power shares were up 1.37% at $68.30.