Plug Power Stock Is Surging Wednesday: What's Going On?
Plug Power Inc (PLUG) shares surged 19% to $2 on Wednesday, driven by the Global X Hydrogen ETF reaching a 52-week high. The rally is attributed to the Federal Reserve's interest rate cut, benefiting growth-oriented companies. Investors are increasingly viewing hydrogen as vital for a greener economy, with Plug Power's leadership in hydrogen fuel cell technology and expanding global partnerships enhancing positive sentiment. The stock has a 52-week high of $3.32 and a low of $0.69.
Plug Power Inc PLUG shares are trading sharply higher Wednesday afternoon. The stock’s climb comes as the Global X Hydrogen ETF HYDR, of which Plug Power is a major holding, touched a new 52-week high.
What To Know: The rally in hydrogen stocks Wednesday afternoon is possibly being fueled by the Federal Reserve’s interest rate cut Wednesday, which tends to benefit growth-oriented companies.
Investors could be increasingly looking to hydrogen as a key player in the transition to a greener economy, with the expanding AI industry’s energy demands also highlighting the need for alternative power sources.
Plug Power, a leader in hydrogen fuel cell technology, could be well-positioned to capitalize on this trend, with recent news of expanding global partnerships also contributing to the positive sentiment.
Benzinga Edge Rankings: Per data from Benzinga Edge, Plug Power stock shows a positive price trend across short, medium and long-term timeframes.
Price Action: According to data from Benzinga Pro, PLUG shares are trading higher by 19% to $2 Wednesday afternoon. The stock has a 52-week high of $3.32 and a 52-week low of $0.69.
Read Also: What’s Going On With Rocket Companies Stock Wednesday?
How To Buy PLUG Stock
By now you're likely curious about how to participate in the market for Plug Power – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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