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Plug Power soars as HC Wainwright boosts price target to $7, highest on Wall Street, spurring record call buying

Call volumes set another record, exceeding last week’s high-water mark.

10/3/25 12:03PM

Plug Power is going haywire after HC Wainwright analyst Amit Dayal boosted his price target on the green hydrogen company to $7 from $3, making him the most bullish analyst on Wall Street.

Dayal suggested rising energy demand amid the AI boom will continue to pressure electricity prices higher. This would make Plug’s offerings “increasingly price-competitive and case for adoption becomes stronger.”

His price target is 40% above the second-highest outlook among analysts polled by Bloomberg.

As per usual, a Plug rally includes massive activity in the options market.

As of 12:53 p.m. ET on Friday, a record 661,905 call options have changed hands, already more than 4x the 20-day average for a full session.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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