What's Going On With Plug Power Stock?

Plug Power, Inc. PLUG shares are trading higher Thursday, continuing the stock's upward trend and adding to gains of over 20% for the month of June.

What To Know:

Plug Power shares have had many catalysts throughout June including the company's analyst day, which highlighted its successful ramp to 100MW/month of production, increased revenue diversification and a clear path to positive operational cash flow.

Following the analyst day, multiple analysts provided updates including a price target increase to $12 from Truist and reiterated Outperform ratings from RBC and Oppenheimer.

Plug shares have continued to trend higher this week. On Tuesday, the company announced that it received a $21.8 million dollar grant from the European Commission as part of a consortium of companies that will build an offshore hydrogen production plant.

"We are grateful for the European Commission's support to demonstrate the viability of offshore green hydrogen production at scale. Once successfully demonstrated, we anticipate private sector investments in offshore hydrogen production will accelerate," said Andy Marsh, CEO of Plug Power.

According to data from Benzinga Pro, Plug Power has high short interest with 19.39% of available shares currently sold short.

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PLUG Price Action: Plug Power shares were up 5.24% at $9.94 at the time of publication, according to Benzinga Pro.

Image: Courtesy of Plug Power, Inc.