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This BlackRock penny stock has rallied 40% in a week

This BlackRock penny stock has rallied 40% in a week WikiBit 2025-06-11 21:00

Plug Power (NASDAQ: PLUG), backed by asset management giant BlackRock (NYSE: BLK), has seen growing bullish sentiment from investors following a series of

Finance

This BlackRock penny stock has rallied 40% in a week

Plug Power (NASDAQ: PLUG), backed by asset management giant BlackRock (NYSE: BLK), has seen growing bullish sentiment from investors following a series of positive developments.

As of March 31, BlackRock disclosed a stake in the company, holding just under 80 million shares valued at $107.5 million. While that represents a small portion of its overall portfolio, it signals confidence in Plug Powers longer-term potential.

On Tuesday, PLUG shares closed at $1.28, up 4.9% on the day. Over the past month, the stock has gained 42%. Still, it remains down 45% year-to-date.

Why PLUG stock is rallying

Much of the recent rally can be attributed to news that Plug is expanding its partnership with Allied Green Ammonia. Under the deal, the company will supply hydrogen electrolyzer technology for a $5.5 billion green chemical facility planned in Uzbekistan.

This follows an earlier agreement for a large-scale project in Australia, further cementing Plugs role in global clean energy infrastructure.

Investor sentiment also got a lift from within the company after on June 10 CFO Paul Middleton purchased 650,000 shares at approximately $1.03 each, adding to the 350,000 shares he acquired in May at around $0.72.

These gains come amid mixed financial results. Specifically, Plug reported a first-quarter loss of $0.21 per share on revenue of $133.67 million.

However, sales of its GenEco electrolyzers jumped 575% year-over-year. Looking ahead, the company projects second-quarter revenue between $140 million and $180 million, above analyst estimates.

Wall Street take on PLUG stock

Meanwhile, Wall Street analysts on have set an average 12-month price target of $1.45 for PLUG, implying a 13% upside from current levels. Among 20 analysts covering the stock, 12 rates it a ‘Hold,’ while four recommend a ‘Buy,’ and another four suggest ‘Sell.’

Price forecasts vary with the most bullish analyst sees the stock reaching $3.50, over 170% above its current price, while the most bearish projection puts it at just $0.50.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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