Why Is Plug Power Stock Gaining Wednesday?

Plug Power Inc. (NASDAQ:PLUG) stock rose in Wednesday’s premarket trading as renewable energy stocks rallied following the midterm elections.

Democrats secured control of both the Senate and House of Representatives, fueling hopes of stronger support for clean energy policies and fewer regulatory hurdles.

The rally spread across the sector. First Solar Inc. (NASDAQ:FSLR) gained 8.5%, while the iShares Global Clean Energy ETF (NASDAQ:ICLN) rose 5.03%. The Invesco Solar ETF (NYSE:TAN) climbed 7.68%.

Trump’s Energy Policies Face Fresh Scrutiny

President Donald Trump signed the One Big Beautiful Bill Act in July 2025, cutting clean energy tax incentives introduced under former President Joe Biden.

The Trump administration also moved to withdraw the U.S. from the Paris climate agreement for a second time in January 2025.

In May 2026, the administration stalled routine approvals for more than 150 onshore wind projects on private land, citing national security concerns, the Financial Times reported.

Plug Power Earnings in Focus

Plug Power is scheduled to report third-quarter earnings on Nov. 9.

Analysts expect a loss of 6 cents per share, compared with a 12-cent loss a year earlier. Revenue is projected to rise to $198.87 million from $177.06 million.

In an Oct. 15 business update, the hydrogen fuel-cell company reaffirmed its full-year revenue growth forecast of 15% to 16%.

Wall Street Maintains Cautious Outlook

Plug Power carries a Hold rating with an average price forecast of $3.46.

Susquehanna maintained a Neutral rating on Oct. 14 but lowered its price forecast to $1.75. Meanwhile, H.C. Wainwright maintained a Buy rating with a $7 forecast on Sept. 29. Roth Capital also maintained a Buy rating and raised its forecast to $5 on Aug. 12.

PLUG Price Action: Plug Power shares were up 8.16% at $1.52 during premarket trading on Wednesday, according to Benzinga Pro data.

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