Plug Power (PLUG) Stock Is Surging Again: What's Driving The Rally?

Plug Power Inc (NASDAQ:PLUG) is extending its rally Wednesday, building on significant gains from earlier in the week. The hydrogen fuel cell company’s stock has surged more than 35% to start the week, driven by a series of positive announcements that have bolstered investor confidence

What To Know: The initial momentum came after Plug Power revealed a major expansion of its partnership with Allied Green Ammonia. Plug’s advanced electrolyzer technology will be the cornerstone of a new $5.5 billion green chemical production facility in Uzbekistan.

This two-gigawatt project is a significant addition to their existing three-gigawatt collaboration in Australia and could signal growing global demand for green hydrogen solutions.

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Further fueling the rally, Plug Power’s Chief Financial Officer, Paul Middleton, demonstrated conviction in the company’s future by purchasing an additional 650,000 shares. This marks his second large open-market purchase in recent weeks, a move viewed as a significant vote of confidence from executive leadership.

Middleton stated he continues to see “meaningful upside” in the stock as the company executes on its strategy within the energy sector.

Price Action: According to data from Benzinga Pro, Plug Power shares were trading up 7.42% at $1.375 on Wednesday, with a day range of $1.27 to $1.52. Benzinga Pro also reports that 19.73% of the float is sold short.

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How To Buy PLUG Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Plug Power’s case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, PLUG has a 52-week high of $3.34 and a 52-week low of $0.69.

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