Wall Street Sees More Than 40% Upside for Plug Power (PLUG)

Plug Power Inc. (NASDAQ:PLUG) is one of the Best Penny Stocks That Could Skyrocket in 2026. Wall Street’s 12-month average price target suggests more than 40% upside from the current levels. On June 2, Plug Power Inc. (NASDAQ:PLUG) announced selling a federal Investment Tax Credit worth roughly $39.2 million.

​Management noted that the Investment Tax Credit was linked to its hydrogen liquefaction facility in St. Gabriel, Louisiana, and is a joint venture with Olin Corporation. This move was part of the company’s strategy to improve liquidity and deploy more capital to expand its hydrogen network.

​Plug Power Inc. (NASDAQ:PLUG) noted that under the US clean energy law, hydrogen infrastructure assets can qualify for the Investment Tax Credit that companies can transfer to third-party investors for immediate cash benefits. Plug Power had earlier used the same approach in 2025 for a $30 million ITC transfer tied to its Woodbine, Georgia, facility.

​That said, Plug Power Inc. (NASDAQ:PLUG) has been in business for more than 25 years, but recorded its first-ever gross profit in Q4 2025. This momentum was carried forward to Q1 2026 earnings, where revenue jumped 22% year over year, driven by strong electrolyzer sales and material handling volumes. The margins improved as well, with gross margins increasing from negative 55% in Q1 2025 to negative 13% in Q1 2026.

​Analysts at Craig-Hallum and B. Riley both raised their price targets on Plug stock to $5 per share following the Q1 results.

Plug Power Inc. (NASDAQ:PLUG) is an alternative energy technology firm. It designs, develops, commercializes, and manufactures hydrogen and fuel cell systems for the material handling and stationary power fields.

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