10 Best Renewable Energy Penny Stocks to Invest In

2. Plug Power Inc. (NASDAQ:PLUG)

Share Price as of May 28: $3.25

Number of Hedge Fund Holders: 17

Plug Power Inc. (NASDAQ:PLUG) is a pioneer hydrogen fuel cell technology company. It emerges as a strong contender in the renewable energy market with its diversified range of hydrogen and fuel cell products. The company, through its products such as GenDrive, GenSure, ProGen, and GenFuel provides fuel cell systems for electric vehicles, fueling infrastructure, and maintenance services. The company’s vision for hydrogen generation goes beyond fuel cells, as it aims to develop a hydrogen ecosystem which is exemplified by its latest product, a Class 6 hydrogen-powered fuel cell truck for middle-mile deliveries. The truck is currently under development and is set to be operational in 2024. It is capable of traveling up to 500 miles utilizing ProGen fuel cell technology.

The company has also received a loan aid of $1.66 billion from the United States Department of Engineering to develop hydrogen facilities. Major corporations such as Home Depot and Amazon rely on its hydrogen fuel cell technology in their warehouses, solidifying its position as an innovative hydrogen fuel cell technology provider. The company’s management believes that it can reach a staggering $20 billion in revenue at a 35% gross margin in the next 6 years. At the end of the first quarter of 2024, 17 hedge funds were long Plug Power Inc. (NASDAQ:PLUG), with positions worth $44.25 million. Of those, D E Shaw raised its stakes by 95% to $15.13 million in the stock.

On May 14, HC Wainwright analyst Amit Dayal reiterated a buy rating on the stock and maintained his price target of $18.

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