If You Invested $1,000 In Plug Power Stock At Its COVID-19 Pandemic Low, Here's How Much You'd Have Now

Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.

Plug's Big Run: One company that has been a roller coaster investment in the past two years has been Plug Power Inc PLUG.

Plug Power is a far cry from some of the fresh new alternative energy startup stocks that have collectively rallied over the past several years. Plug Power went public all the way back in 1999 and has been mostly disappointing investors ever since. In fact, Plug Power shares are down about 80% overall in the past 20 years.

At the beginning of 2020, Plug Power shares were trading around $3.21. By the beginning of March, the stock was up to around $4.60 despite news of the coronavirus spreading in China prompting concerns about a U.S. pandemic. On March 17, Plug Power shares dropped all the way down to $2.53 in intraday trading, its low point of the pandemic.

Fortunately for Plug Power investors, the stock rebounded along with the rest of the market in the weeks that followed.

Plug Power shares hit $10 for the first time in early July, but the rally was just getting started. The stock made it to $20 in November and hit $50 in early January 2021 when the rally really started to accelerate. The major catalyst was a $1.5 billion deal with South Korean industrial giant SK Group, which investors saw as a foot in the door to being a central player in South Korea’s “Hydrogen Economy Roadmap through 2040” plan.

Related Link: If You Invested $1,000 In GameStop Stock At Its COVID-19 Pandemic Low, Here's How Much You'd Have Now

Plug In 2021, 2022, Beyond: Plug Power shares eventually made it as high as $75.49 in January 2021. Unfortunately, persistent net losses and news of accounting irregularities in March 2021 took all the wind out of Plug’s sails.

Plug Power shares are now trading back down under $23 per share.

Still, investors who bought Plug Power on the day it hit its 2020 pandemic low and held on have generated a huge overall return on their investment. In fact, $1,000 in Plug Power stock bought on March 17, 2020, would be worth about $6,799 today.

Looking ahead, analysts are expecting Plug Power's stock to rebound in the next 12 months. The average price target among the 25 analysts covering the stock is $38, suggesting 69.5% upside from current levels.