8 Most Active US Stocks To Buy Now

4. Plug Power Inc. (NASDAQ:PLUG)

Volume: 63.942 million

Average Volume (3-Month): 38.739 million

Number of Hedge Fund Holders: 15

Plug Power Inc. (NASDAQ:PLUG) is engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. It develops and commercializes fuel cell systems for various applications, including material handling, transportation, and stationary power. It is also committed to advancing clean energy solutions and reducing carbon emissions.

The company has formed strategic partnerships with major players like Nikola Corporation and has deployed 72 hydrogen-powered trucks. It’s expanding its green hydrogen production capacity, and constructing new plants in Louisiana, Texas, and New York. It has also benefited from the new green hydrogen production tax credit. The company produces green hydrogen at $4-$5 per kilogram and sells it for $6-$7 per kilogram. The tax credit reduces production costs by up to $3 per kilogram.

Revenue from electrolyzers increased from $7 million to $15 million year-over-year. The company anticipates generating $320 million in electrolyzer sales over the next 2 years. Its cryogenic equipment is essential for hydrogen storage and transportation. The company expects to generate $72 million in revenue from this segment in the coming year.

Despite such strides, the revenue for Q2 2024 fell 44.90% as compared to the year-ago period. The revenue instability is primarily due to its growth stage and pricing challenges, contributing to a decline in stock price as well.

While the company expects to receive $70 million from a 55-megawatt electrolyzer project, this revenue has not yet been recognized. Overall, Plug Power Inc. (NASDAQ:PLUG) is well-positioned for growth due to strong demand and favorable policies.