Plug Power (PLUG) shares rallied as much as 40% on Monday, April 28 after the green hydrogen and fuel cell technology company reported strong preliminary results for its first quarter. 

PLUG now sees its revenue falling between $130 million and $134 million in the first quarter, which translates to about a 10% increase on a year-over-year basis. 

At the midpoint of that range, the firm’s revenue estimate sits marginally above the Street’s forecast of $131.6 million. 

Despite today’s rally, Plug Power stock remains down about 70% versus its year-to-date high.

Yorkville News Is Also Helping Plug Power Stock

PLUG shares are gaining also because the Latham-headquartered firm has signed a definitive agreement for a $525 million secured debt facility with Yorkville Advisors. 

The new financing positions Plug Power for “long-term success in the hydrogen economy,” said Andy Marsh, the company’s chief executive officer, in a press release on Monday. 

Additionally, the Nasdaq listed firm talked of operational improvements that it said will likely drive annualized run-rate savings of more than $200 million moving forward. 

All in all, these updates reassured investors about the company’s financial health, which triggered a significant increase in Plug Power stock price today. 

H.C. Wainwright Sees Upside in PLUG Shares to $3

Strong preliminary results, operational improvements, and a new credit agreement made H.C. Wainwright analysts reiterate their “Buy” rating on Plug Power stock this morning. 

In their research note, the firm’s analysts maintained their $3 price target on PLUG shares as well, indicating potential upside of another 150% from here. 

Plug Power is emerging as a stronger business heading into the back half of 2025, with recent updates pointing to significantly better cash flows over the next few quarters, they added. 

According to the green hydrogen and fuel cell technology company, with the current cash resources, continued cost reductions, and the new credit facility from Yorkville, it does not plan on raising additional equity in 2025.

Are Analysts Bullish at Large on Plug Power in 2025?

Other Wall Street firms seem to agree with H.C. Wainwright on the clean energy stock as well. 

The consensus rating on Plug Power currently sits at “Hold” only but the mean target of $2.33 indicates potential upside of about 100% from current levels.