Plug Power Just Scored a New Deal in Canada. Should You Buy PLUG Stock Here?

Plug Power (PLUG) shares extended gains and printed a new year-to-date high of $2.74 on April 6 as investors continued to cheer the company’s largest electrolyzer contract in Canada. 

The firm’s 275 MW deal for Hy2gen's Courant project in Quebec, which includes a Front-End Engineering Design (FEED) contract, positions it at the center of a marquee North American green hydrogen initiative. 

Despite recent gains, Plug Power stock remains down nearly 30% versus its 52-week high. 

What the Canada Project Means for Plug Power Stock

The Courant project will leverage Hydro-Québec's low-carbon grid to produce green hydrogen, subsequently converting it to low-carbon ammonia and ammonium nitrate for the industrial end-market in mining and agriculture. 

Construction is set to begin next year, with full commissioning targeted for 2029, giving Plug Power investors a visible multi-year revenue runway tied to this single contract. 

The award bolsters the clean energy company’s global electrolyzer pipeline that includes over 300 MW shipped across six continents.

An $8 billion-plus sales funnel that encompasses a 100 MW PEM array at GALP’s Sines Refinery in Portugal and a liquid hydrogen supply agreement with NASA makes PLUG shares even more attractive to own in 2026. 

Where Options Data Suggests PLUG Shares Are Headed

Long-term investors should consider sticking with Plug Power shares also because the company’s new CEO, Jose Luis Crespo, has recently laid out an ambitious profitability timeline. 

The Nasdaq-listed firm is now targeting positive EBITDA by the final quarter of 2026 and full profitability within the next two years. 

More importantly, his outlook is grounded in tangible progress: PLUG’s Q4 gross margin flipped to positive 2.4% from a staggering negative 122.5% a year earlier, signaling that years of operational restructuring are beginning to translate into financial improvement. 

It's also worth mentioning that options pricing continues to signal a bullish skew as well. 

According to Barchart, derivatives contracts expiring mid-September have the upper price pegged at $3.68 currently, indicating potential upside of another 37% from here. 

What’s the Consensus Rating on Plug Power

Some Wall Street analysts also currently share options traders’ optimism on Plug Power.

While the consensus rating on PLUG stock is a “Hold” only, the price targets go as high as $7, indicating potential for a more than 150% rally from here. 

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