Plug Power's stock is experiencing an upward movement today, primarily driven by the anticipation of a significant loan from the U.S. Department of Energy (DOE). According to recent reports, the Biden administration is set to finalize a $1.7 billion loan guarantee for Plug Power, aimed at constructing hydrogen plants crucial for the company's growth plans. This development is expected to be announced later today, just before the transition to the Trump administration, which has expressed intentions to scrutinize and potentially rescind such loans. The news has generated positive sentiment among investors, as it signals strong governmental support for Plug Power's clean energy initiatives.
On Reddit, discussions are buzzing with excitement over the potential DOE loan. One user remarked, "I gotta think it’s a real deal if Bloomberg is reporting it," while another speculated on the strategic importance of the loan, stating, "The US must build up industrial capacity, otherwise their energy dominance will disappear." Despite some skepticism about the stock's ability to sustain a rally, the overall sentiment appears optimistic, with users expressing hope for a significant bounce in the stock price following the official announcement.
Plug Power's stock is currently trading at $2.77, up 2.40% from the previous close of $2.71. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 21,472,651 shares, which is 33.64% of its average daily volume of 63,836,762 shares, indicating moderate trading activity this morning.