Plug Power's Hot Streak Stalls As Wall Street Frets Over Warrant Surprise

Plug Power Inc PLUG shares are down over 7% on Monday, after a multi-day rally fueled by a major hydrogen supply deal and supportive federal policy developments. Despite today’s drop, the stock remains up 8% over the past five sessions.

The pullback comes after a sharp rally sparked by Plug Power’s announcement of a renewed and expanded long-term hydrogen supply agreement with a major U.S.-based industrial gas partner.

The deal extends their strategic partnership through 2030, secures lower-cost liquid hydrogen, and is designed to enhance distribution efficiency and cash flow as Plug scales its hydrogen infrastructure.

Also Read: Plug Power Stock Pulls Back After Tax Credit Rally

“This contract is a win for Plug, our customers, our suppliers, and our margin profile,” said CEO Andy Marsh. “Reliable supply and cost efficiency are critical as we grow our applications business.”

President Donald Trump’s recent signing of the “One Big Beautiful Bill” supported the broader rally, which extended the 45V clean hydrogen tax credit deadline by two years to December 31, 2027. The policy move eases pressure on Plug’s financing timeline for new projects, including its long-delayed hydrogen plant in Texas.

Despite that optimism, Plug shares are under pressure Thursday following a July 9 prospectus filing that registered up to 31.5 million shares for resale by Yorkville, a selling stockholder.

While Plug won’t receive proceeds from those sales, it could benefit from any cash exercise of associated warrants, a structure that sparked fresh dilution concerns among investors.

Plug Power has a 52‑week high of $3.34 and a 52‑week low of $0.69, reflecting a dramatic 79% drop from peak to trough. The stock has since rebounded significantly from those lows, and as of the latest data, it’s approximately 43% above its 50‑day simple moving average, though still trading about 9% below its 200‑day average.

Price Action: PLUG shares are trading lower by 7.41% to $1.500 at Monday’s last check.

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