Plug Power, Inc. is experiencing a notable rise in its stock price today, driven by the U.S. Treasury's recent issuance of new rules for clean hydrogen production tax credits. These rules, announced on January 3rd, provide significant flexibility for hydrogen producers, including the use of nuclear power and renewable methane, which are expected to benefit companies like Plug Power. The updated guidance is seen as a positive development for the hydrogen industry, potentially unlocking stalled projects and providing a clearer path for future growth. Analysts, such as those from JPMorgan, have highlighted the potential long-term benefits for Plug Power, particularly in terms of U.S.-based electrolyzer growth beyond 2026.
On Reddit, discussions reflect a mix of optimism and caution. One user noted, "The momentum is positive right now but the stock price can fall back down again as it did in July when Plug rallied to $3.35 only to fall down to $2.10 when they issued new shares." Another user expressed skepticism, stating, "The company is almost 100% down, has less than 5% internal owned shares and has failed every forecast." Despite these concerns, the sentiment around the recent Treasury guidance appears to be contributing to the stock's upward movement.
Plug Power's stock is currently trading at $2.82, up 7.26% from the previous close of $2.63. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 21,903,629 shares, representing 37.73% of its average daily volume of 58,055,014 shares, indicating strong early interest.