Plug Power, Inc. (PLUG) is experiencing a decline in its stock price today, driven by a significant increase in short interest. The short interest has risen by 8.91% from the previous month, reaching 212.69 million shares, which represents 23.34% of the company's outstanding shares. This heightened short interest suggests that investors are increasingly betting against the stock, potentially due to skepticism about the company's ability to meet its green hydrogen goals or capitalize on government incentives like the 45V tax credits.
On Reddit, discussions are focused on whether Plug Power will achieve its green hydrogen objectives this year, with users expressing both hope and uncertainty. One user remarked, "That is a bold move from Plug. Are they going to make it green this year?" This sentiment reflects the mixed feelings among retail investors, who are closely watching the company's strategic moves and their potential impact on the stock.
Plug Power's stock is currently trading at $2.13, down 6.58% from the previous close of $2.28. The stock opened at $2.31 and has fluctuated between a high of $2.32 and a low of $2.12. Despite being early in the trading day, the volume is relatively low at 1,410,945 shares, accounting for just 2.50% of the average daily volume of 56,392,798 shares.