5 Best Hydrogen Fuel Cell Stocks To Buy

3. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 34

Plug Power Inc. (NASDAQ:PLUG), which ranks third on the list of the 9 best hydrogen fuel cell stocks to buy, is one of the leading players in the hydrogen fuel cell power sector. On October 13, Morgan Stanley analyst Stephen Byrd upgraded Plug Power Inc. (NASDAQ:PLUG) to Overweight from Equal Weight, citing that the hydrogen fuel cell company is well-positioned to gain in the global transition to a low-carbon economy. The analyst increased the price target for Plug Power Inc. (NASDAQ:PLUG) to $40 from $35.

In the second quarter of 2021, Plug Power Inc. (NASDAQ:PLUG) reported an EPS of -$0.18, missing estimates by -$011. The company’s revenue in the second quarter was $124.56 million and beat revenue estimates by $13.35 million. Shares of Plug Power Inc. (NASDAQ:PLUG) climbed 87% over the past year.

In the recent quarter, Plug Power, Inc. (NASDAQ:PLUG) has seen an uptick from the world’s largest hedge funds. At the end of the second quarter of 2021, 34 hedge funds in the database of Insider Monkey held stakes worth $878 million in Plug Power Inc. (NASDAQ:PLUG), up from 25 hedge funds in the previous quarter worth $612 million.

David Shaw of D E Shaw recently upped his stake in Plug Power Inc. (NASDAQ:PLUG) by 23% to 14.8 million shares worth over $507 million at the end of the second quarter of 2021. Overall, 34 funds of the 873 elite funds tracked by Insider Monkey reported owning stakes in the New York-based hydrogen fuel cell company at the end of June 2021.