Plug Power Stock Rises Pre-Market, Appears Set For Seventh Consecutive Day Of Gains Here's What Retail Investors Think

Plug Power (PLUG) shares rose 3% in premarket trading on Thursday, with the ticker witnessing a 217% increase in retail user message count over the last 24 hours on Stocktwits after the stock closed in the green for six consecutive sessions and appears set for another day of gains.

Notably, the stock has gained over 40% in the last six sessions and is currently trading above $2.

According to Yahoo Finance, BTIG reiterated its "Hold" rating on Wednesday and noted the robust sales of Plug Power's Electrolyzer products, which more than tripled year-over-year to $45 million in the second quarter, driving a 21% increase in total revenue.

Retail sentiment on Plug Power jumped to 'extremely bullish' from 'bullish' territory a day ago, with message volumes at 'extremely high' levels, according to data from Stocktwits.

A bullish user on Stocktwits noted that the company has improving fundamentals.

BTIG stated that the company's recently extended contract with logistics firm Uline through 2030, along with the new partnership with Brazil-based GH2 Global to deploy hydrogen-powered infrastructure, has further bolstered investor confidence.

In early July, Plug Power announced a new multi-year supply agreement with a leading U.S.-based industrial gas company and its longtime hydrogen partner through 2030. As part of the extension, the strategic partner will continue to supply Plug with liquid hydrogen while immediately reducing the cost and collaborating on improved network efficiency.

Another user noted that the stock could be well over $3 before the end of the year.

Shares of Plug Power declined over 6% this year.

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