Shares of the Latham, N.Y., company at last check were 2.2% higher at $26.65.
Analyst Moses Sutton kept his price target at $27. He said in a research note that the company's analyst day on Oct. 14 "could reasonably ignite some momentum" and drive the shares toward a new baseline for the next six to 12 months, or at least set a high-$20s floor for [the] share price."
Plug "is one of the few renewable-energy companies that offers an alternative to the mainstream alternatives," the analyst said.
"While there are multiple catalysts over the coming years, driven by a strong shadow backlog of material handling orders as well as developments in other HFC segments, weakening fundamentals place us on the sidelines," Sutton said.
The analyst said that "with the company's stock stuck in stasis for some time now, the accounting revision long in the rear view, and what we perceive as an eagerness from investors for PLUG to simply demonstrate material bookings growth in the electrolyzer segment, the bar is not set too high here, and underlying fundamentals will prove less critical into the event."
In May, Plug Power said it had completed restating its financial statements for the past three years.
Further, Sutton said, an infrastructure bill is another potential upside driver, even if the potential of passage is under 50%.
On Wednesday Plug Power announced a joint venture with South Korea’s SK Group to accelerate the use of hydrogen in Asia.
The two companies "will collaborate to provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers and green hydrogen to the Korean and other Asian markets,” Plug Power said in a statement.
The two began working together in early 2021, when SK made a $1.6 billion investment in Plug Power.
In August Plug Power reported second-quarter revenue ahead of estimates and raised its full-year gross-bookings estimates.
Revenue totaled $124.6 million, nearly double the $68 million of a year earlier. The company reported a net loss of 18 cents a share.
The company raised its 2021 gross-billings guidance to $500 million from $475 million compared with consensus estimates of $474 million.