5 Best Renewable Energy Stocks to Buy and Hold for the Next 10 Years

3. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 26

Plug Power Inc. (NASDAQ:PLUG) is a New York-based company that provides clean hydrogen and zero-emissions fuel cell solutions. On August 25, Plug Power Inc. (NASDAQ:PLUG) stock gained 14.4% after the company announced an agreement to deliver liquid green hydrogen to Amazon.com, Inc. (NASDAQ:AMZN) beginning in 2025 to enable decarbonization of the latter’s operations. The Amazon deal will supply 10,950 tons per annum of liquid green hydrogen starting in January 2025, a growth initiative that is forecasted to help Plug Power Inc. (NASDAQ:PLUG) reach its $3 billion revenue goal by 2025.

Craig-Hallum analyst Eric Stine raised the price target on Plug Power Inc. (NASDAQ:PLUG) to $38 from $31 on August 26 and maintained a ‘Buy’ rating on the shares. The green hydrogen supply agreement with Amazon solidifies the relationship between the companies, the analyst told investors in a bullish thesis.

Among the hedge funds tracked by Insider Monkey, D E Shaw is the biggest stakeholder of Plug Power Inc. (NASDAQ:PLUG), with 3.6 million shares worth about $60.5 million. Overall, 26 hedge funds were long Plug Power Inc. (NASDAQ:PLUG) at the end of Q2 2022, compared to 33 funds in the earlier quarter.