Plug Power Inc. (NASDAQ:PLUG) shares are trading higher on Friday as traders lean into gross margin breakeven progress and improving business mix.
- Plug Power stock is moving in positive territory. Why are PLUG shares climbing?
What Is Driving Plug Power’s Stock Today?
BTIG said the company’s overall gross margins are nearing breakeven, helped by strong Material Handling demand for fuel cells and ongoing cost cuts, while the firm’s analyst maintained a Neutral rating.
The note also flagged liquidity actions including the sale of the Graham, Texas project for about $77 million (with up to $27 million tied to final interconnection timing), plus about $44 million of investment tax credits sold from the Louisiana hydrogen plant.
Plug Power’s liquidity narrative is also being shaped by management’s plan to release about $50 million of restricted cash per quarter, lever traders are watching alongside efforts to mitigate cash burn.
“Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company,” Plug CEO Jose Luis Crespo said.
The CEO said the company improved gross margins, reduced operating expenses, strengthened liquidity and had revenue growth in the quarter, alongside advancing commercial milestones.
Critical Price Levels To Watch For PLUG
From a trend perspective, the stock is still trying to repair longer-term damage: it’s trading 3.8% below its 50-day SMA ($2.44), 15.9% below its 100-day SMA ($2.79), and 6% below its 200-day SMA ($2.50). The 20-day SMA ($2.14) is acting as near-term support with shares 9.7% above it, but the 20-day SMA remains below the 50-day SMA and the August death cross (50-day below 200-day) keeps the bigger-picture bias cautious.
Momentum is more balanced than the moving averages suggest, with RSI at 53.66—neutral and consistent with a stock that’s trying to base rather than trend cleanly. RSI is a quick way to gauge whether buying or selling has become “stretched,” and this reading implies neither side has a strong momentum edge right now.
- Key Resistance: $2.50 — a round-number area that also lines up closely with the 200-day moving average zone where rebounds can stall
- Key Support: $2.00 — a nearby round-number level that can attract dip buyers if the recent bounce fades
PLUG Stock Price Movement on Friday
PLUG Stock Price Activity: Plug Power shares were up 1.30% at $2.33 at the time of publication on Friday, according to Benzinga Pro data.
Image: Shutterstock
