10 Best Stocks Under $3 to Buy Now

5. Plug Power Inc. (NASDAQ:PLUG)

Share Price: $1.71

Number of Hedge Fund Holders: 24

Plug Power Inc. (NASDAQ:PLUG) is an American company that develops electrolyzers and hydrogen fuel-supply solutions for material handling, power generation, and e-mobility. The company’s hydrogen fuel cell systems replace conventional batteries in electrical equipment and EVs to enhance charging efficiency and runtime. Plug Power Inc. (NASDAQ:PLUG) ranks among the best stocks under $3 to buy now.

On March 5, TD Cowen analyst Jeff Osborne maintained a “Buy” rating on Plug Power Inc. (NASDAQ:PLUG) with a price target of $4.00. The analyst pointed to Plug Power Inc.’s (NASDAQ:PLUG) Project Quantum Leap, a strategic initiative that aims to cut annual costs by $150 to $200 million. This move is part of the company’s plan to improve operational and financial performance. Additionally, the analyst pointed out that Plug Power Inc. (NASDAQ:PLUG) is looking to increase production at its facilities. A new plant in Louisiana is expected to come online in Q2 2025 and another in Texas is slated to start operations towards the end of 2026. However, the analyst expressed that the company must create enough demand to match the increased supply capabilities.