Why Plug Power Stock Just Popped 10%

Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) are on a tear in Wednesday morning trading, up 10.3% at 11:30 a.m. EST. It's not immediately clear what's causing the rush of enthusiasm, but I have my suspicions.

Plug reported its third-quarter earnings on Monday. Wall Street wasted no time responding to the report with a spate of price target hikes -- with Roth Capital projecting Plug stock will go to $22 within a year, Oppenheimer saying $23, B. Riley $24, and Craig-Hallum $26, according to TheFly.com.

And most recently, our friends at Tipranks.com tipped us to the biggest price target hike of all: H.C. Wainwright has just raised its price target on Plug Power stock to a Street high of $30 a share. Individual investors are responding to all these hikes as investors are wont to do -- by buying Plug shares hand over fist.

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Source Fool.com