Plug Power Falls to $2.91; Profit Targets Still Years Away

Plug Power shares fell to $2.91 on Friday, the lowest level since April 20, reducing the company’s market capitalization to about $4 billion from more than $5.7 billion after a June 2 high of $4.33.

The stock has given back some of May’s gains but remains above its 100-day exponential moving average, which traders monitor for trend support.

On price charts, the shares are trading in the handle of a cup-and-handle pattern. The pattern’s upper rim is near $4.56 and the lower edge of the handle is around $2.65. The cup depth measures about 63 percent from peak to trough.

Technical targets cited by traders include a reclaim of the May high at $4.33, with further levels noted near $4.57 and $5. A drop below the handle’s lower edge would expose the stock to downside toward recent lows.

On the business side, Plug Power reported first-quarter revenue of $163 million, up from $133 million a year earlier. Gross loss narrowed to $21.6 million from $73.8 million in the comparable quarter.

Management expects a positive EBITDA run rate in 2026, an operating profit in 2027 and full-year profitability in 2028.

Analysts’ consensus estimates put revenue at about $813 million for the current year and roughly $964 million next year. Forecasts show earnings per share remaining negative, with an average loss near $0.29 this year and $0.16 next year.

Cash burn has been substantial in recent years, and the company will need continued execution to reduce losses while scaling operations. Short interest is near 25 percent.

Large customers such as Amazon and Walmart are cited as sources of revenue growth as demand for fuel cells and hydrogen solutions rises in certain industrial uses. Investors and traders will watch upcoming quarterly results for signs of revenue growth and margin improvement and for price action around the 100-day EMA and the cup-and-handle levels.