5 Alternative Energy Stocks to Buy Amid Energy Crisis in Europe

3. Plug Power, Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 26

Plug Power Inc. (NASDAQ:PLUG) is a pioneer of hydrogen and zero-emissions fuel cell solutions. The company’s energy solutions apply to various applications including supply chain, logistics, electric vehicles, and the power market among others. Plug Power, Inc. (NASDAQ:PLUG) operates in North American and European markets. As Europe strives to enhance its energy security and abandon fossil fuels, green hydrogen solutions that are offered by Plug Power, Inc. (NASDAQ:PLUG) are expected to experience strong demand.

Wall Street is bullish on green hydrogen and Plug Power, Inc.’s (NASDAQ:PLUG) position in the market. This August, Craig-Hallum analyst Eric Stine raised his price target on Plug Power, Inc. (NASDAQ:PLUG) to $38 from $31 and reiterated a Buy rating on the shares. On August 18, Morgan Stanley analyst Stephen Byrd raised his price target on Plug Power, Inc. (NASDAQ:PLUG) to $53 from $42 and maintained an Overweight rating on the shares.

At the end of Q2 2022, 26 hedge funds held stakes in Plug Power, Inc. (NASDAQ:PLUG) worth $258.88 million. Of those, D E Shaw was the top shareholder with stakes worth $60.4 million.