Plug Power Inc. (NASDAQ:PLUG) ranks among the top hydrogen stocks to buy now. On May 12, Craig-Hallum boosted its price target for Plug Power Inc. (NASDAQ:PLUG) to $5 from $4, while keeping a Buy rating on the company’s shares. The company reported strong first-quarter results, which represented a further move toward its financial targets.

Plug Power Inc. (NASDAQ:PLUG) posted first-quarter revenue of $165.5 million, which exceeded the Street’s expectation of $139.9 million. The firm also reported a narrower-than-expected adjusted loss of $0.08 per share, which topped analyst projections of $0.09 per share.

Given Plug Power’s lengthy history of losses, Craig-Hallum pointed out that successive quarters of considerably better operating performance are impressive.

Craig-Hallum cited a strong market environment for all of Plug Power’s business segments, particularly sales of hydrogen fuel, electrolysis equipment, and material handling. The firm also claimed that a lower cost structure, increased optimization of Plug Power’s hydrogen production footprint, plus a stronger balance sheet, could meet fiscal 2026 objectives.

Plug Power Inc. (NASDAQ:PLUG) is an alternative energy technology firm. It designs, develops, commercializes, and manufactures hydrogen and fuel cell systems for the material handling and stationary power fields.

While we acknowledge the potential of PLUG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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