Shares of fuel cell technology Plug Power (NASDAQ:PLUG) jumped 1.4% in the morning session after BTIG reiterated its Hold rating on the company, with the market focusing on commentary highlighting strong sales momentum.

The neutral rating didn't deter investors, as expectations were already subdued. Instead, the focus was on the positive operational details noted by the analyst, including robust sales of the company's Electrolyzer products, which more than tripled from a year ago to $45 million in the second quarter.

Overall revenue for that period was reported at around $174 million, up 21% year-over-year, driven by strong demand. While the firm's profitability remains out of reach, the significant sales growth underscores increasing adoption in industrial applications and positions Plug Power as a key player in the expanding clean hydrogen market.

After the initial pop the shares cooled down to $1.53, up 1% from previous close.

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Plug Power’s shares are extremely volatile and have had 97 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 13 days ago when the stock dropped 7.3% on the news that the major indices continued to retreat (Nasdaq -1.5%, S&P 500 -1.2%) amid profit-taking and renewed concerns about tariffs.

Investors reacted to a federal court ruling that most of President Trump's global tariffs were illegal, raising uncertainty over trade policy and the fiscal impact of potential refunds. Rising Treasury yields added to the pressure, with the 10-year climbing above 4.2% and the 30-year nearing 5%, intensifying worries about stretched equity valuations. September's historically weak track record for stocks further dampened sentiment, leaving traders cautious ahead of the jobs report later in the week and the Federal Reserve's upcoming rate decision.

Plug Power is down 34.3% since the beginning of the year, and at $1.53 per share, it is trading 51.4% below its 52-week high of $3.15 from January 2025. Investors who bought $1,000 worth of Plug Power’s shares 5 years ago would now be looking at an investment worth $122.11.

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