Image credits - www.plugpower.com
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As of 9:50 AM EST on Tuesday, January 7, 2025, Plug Power Inc. (PLUG) is trading at $3.26, up 3.49% from the previous close of $3.15. The stock has fluctuated between $3.11 and $3.32 today, with a market capitalization of $2.975 billion.
Plug Power’s impressive surge comes following President Biden’s announcement of new tax credit rules aimed at supporting clean hydrogen producers. The rule changes, which are part of the administration’s broader push for clean energy incentives, have greatly benefited companies like Plug Power. On Monday, the stock soared by 20%, as investors reacted positively to the potential financial boost for the hydrogen sector.
The clean hydrogen tax credits have prompted a surge in interest, boosting investor sentiment toward Plug Power and other companies in the renewable energy space. Market experts note that there is a rise in short-interest in the stock, suggesting a potential short squeeze, which could further fuel its gains.
With a 52-week range between $1.60 and $5.14, Plug Power continues to be a focal point for investors seeking exposure to the clean energy transition.
Disclaimer: The information provided is for informational purposes only and does not constitute financial advice.