EV Penny Stocks List: From $10 to Under $1

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3. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 24

Share Price as of April 16 2025: $1.00

Plug Power Inc. (NASDAQ:PLUG) is an electrical equipment & parts company that specializes in developing fuel cell product solutions. Its primary product is a fuel cell system that provides power for handling electric vehicles. While the stock went public at $150 in 1999, it has underperformed significantly, having plunged from its record highs of $1498 a share recorded in 2000.

Amid the underperformance, H.C. Wainwright reaffirmed a Buy rating on the stock on March 25, with a $3.00 price target. Plug Power Inc.’s (NASDAQ:PLUG) long-term prospects are showing signs of improvement as the company leads the nascent fuel cell and charging market. Being the largest buyer of liquid hydrogen, it has already deployed more than 69,000 fuel cell systems and 250 fuelling stations.

According to Precedence Research, Plug Power is one company well poised to benefit from the growth, with the global hydrogen fuel cell market projected to reach $27.49 billion by 2034 from $5.23 billion as of 2025, that’s partly because the hydrogen fuel cell company boasts of top customers, including Amazon and Walmart, for its solutions.

Plug Power Inc. (NASDAQ:PLUG) has already finalized a $1.66 billion loan guarantee from the US Department of Energy that it should use to accelerate the construction of hydrogen manufacturing plants. Additionally, analysts expect its revenue to rise by 12% in 2025 to $707 million and net loss to shrink to $602 million from $2.1 billion, affirming underlying growth.

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