We recently compiled a list of the Investor Optimism Boosts Jump of These 10 Stocks. In this article, we are going to take a look at where Plug Power Inc. (NASDAQ:PLUG) stands against the other stocks.

Wall Street’s main indices ended Monday’s trading session on a mixed note, with the Dow Jones Industrial Average the only decliner, dipping by 0.06 percent or 25.57 points to close at 42,706.56.

In contrast, the S&P 500 and Nasdaq Composite both registered gains, up 0.45 percent and 1.24 percent, respectively.

Monday's overall rally was largely driven by strong performances in the bitcoin mining and quantum computing sectors, with 10 companies seeing notable gains.

To come up with the day's top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A generator being fueled and readied for use as part of an end-to-end green hydrogen ecosystem.

Plug Power Inc. (NASDAQ:PLUG)

Plug Power’s shares jumped by 19.77 percent on Monday to finish the day at $3.15 apiece as investor sentiment was boosted by new tax credit rules for clean hydrogen production that are expected to benefit the company.

The tax credits, which were made available on Friday through the Inflation Reduction Act of 2022, said that the new rules underwent "significant changes and flexibilities that address several key issues to help grow the industry and move projects forward," while adhering to the emissions requirements included in the act.

Officials explained that the changes "clarify how producers of hydrogen, including those using electricity from various sources, natural gas with carbon capture, renewable natural gas (RNG), and coal mine methane can determine eligibility for the credit.”

Plug Power is an American company engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity.

Overall PLUG ranks 3rd on our list of the stocks that soared today. While we acknowledge the potential of PLUG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than PLUG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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Disclosure: None. This article is originally published at Insider Monkey.