This Overlooked $2 Stock Could Be the Biggest Winner of the Market Selloff

Plug Power (NASDAQ: PLUG), a developer of hydrogen charging technologies, trades at about $2 today. That's a 99% decline from its reverse split-adjusted IPO price of $150 in 1999. At first glance, Plug might seem like one of the many companies that never recovered from the dot-com crash. It might also seem like a risky stock to buy in this turbulent market. However, it could be well-positioned to deliver multibagger gains over the next few years.

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Why could Plug Power be a turnaround play?

Plug Power mainly sells hydrogen fuel cells, electrolyzers, and storage systems. It's deployed over 74,000 fuel cell systems across five continents, and its top customers include Amazon and Walmart. It's ramping up its production of green hydrogen in the U.S. while aggressively cutting costs with its "Project Quantum Leap" initiative.

In 2024, Plug's revenue declined 29%, and its net loss widened as it lapped two acquisitions amid macro headwinds that throttled demand for new hydrogen charging projects. But in 2025, its revenue rose 13%, and it narrowed its net loss as the macro environment improved, companies restarted hydrogen projects, and it sold more green hydrogen.

From 2025 to 2028, analysts expect its revenue to grow at an 18% CAGR to $1.2 billion as the hydrogen market continues to expand. With an enterprise value of $3.7 billion, it looks bargain at five times this year's sales -- and it could command a higher valuation in a hotter market.

Leo Sun has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Walmart. The Motley Fool has a disclosure policy.