2 hours ago
4
Ryan Vanzo, The Motley Fool
Sun, May 3, 2026 astatine 6:25 PM CDT 4 min read
Plug Power (NASDAQ: PLUG) banal is soaring erstwhile again. Since 2026 began, shares person risen successful worth by much than 40%. Over the past 12 months, Plug Power banal has much than tripled.
But here's the thing: Shares inactive commercialized astatine conscionable $3 apiece. Over the past 5 years, however, shares person traded supra $30 connected 3 occasions. If shares did truthful erstwhile again, determination would beryllium astir 1,000% successful imaginable upside.
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Before you leap into this promising hydrogen stock, determination are 2 things you indispensable understand.
1. Don't expect shares to scope the $30 people connected a split-adjusted ground
Plug Power has been successful concern since 1997, formed arsenic a associated task betwixt DTE Energy and Mechanical Technology Inc. In 1999, the institution went public. Since the archetypal nationalist offering (IPO), however, shares person fallen successful worth by much than 98%. The institution did behaviour a 1-for-10 reverse stock divided successful 2011. Otherwise, the prevailing banal terms contiguous would beryllium determination astir $0.30 -- beneath astir speech listing requirements.
Why has Plug Power banal performed truthful poorly? It isn't a occupation with revenue. Sales person steadily grown successful astir years since 2000. The contented has been profitability. Only seldom has the institution adjacent posted a affirmative gross borderline implicit its multidecade history. To screen its losses, Plug Power has been forced to rapidly merchantability much banal connected a predominant basis, resulting successful monolithic shareholder dilution. Since going public, Plug Power's stock number has accrued by an astounding 22,980%.
While hydrogen substance is getting much attraction successful caller quarters owed to the rising vigor needs of artificial quality (AI) -- hence the ample rebound successful Plug Power's banal terms -- astir experts inactive hold that hydrogen substance is years, if not decades, distant from being economically viable versus accepted alternatives similar fossil fuels and much communal forms of renewable vigor similar upwind and solar.
So, unless we get monolithic regulatory changes that marque hydrogen substance systems importantly much cost-competitive, I don't expect Plug Power to beryllium capable to execute the standard indispensable for sustained profitability. That means much and much stock dilution volition beryllium connected the way. Perhaps determination volition beryllium a banal divided that artificially pushes the stock terms supra $30. But without pulling that lever, it volition beryllium precise hard for Plug Power's underlying fiscal show to outpace the expected standard of further banal issuances.
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