Why Plug Power Shares Are Trading Higher Today

Plug Power Inc. PLUG shares are trading higher after Wolfe Research initiated coverage on the stock with an Outperform rating and announced a $34 price target.

Wolfe Research analyst noted 5 positive investment catalysts:

• Most integrated business profile in the space
• strong commercial customers
• first mover advantage on volumes
• recurring cash flows
• big cushion of cash

Plug Power Inc. provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe.

Plug Power's stock was trading about 4.8% higher at $27.32 on Tuesday at the time of publication. The stock has a 52-week high of $75.49 and a 52-week low of $10.56.