NEW YORK, June 30, 2026, 12:04 p.m. EDT
- Plug Power Inc. NASDAQ:PLUG was up 4.63% at $2.7099 as of 12:03 p.m. EDT, while the Nasdaq Composite added 1.07%.
- Plug hit its June 30 long-stop date for the Project Gateway sale to Stream Data Centers. The deal could bring in between $132.5 million and $142 million, Plug said.
- S&P Capital IQ data via MarketScreener showed Plug was put into the Russell 2000 Growth and removed from Russell 2000 Value after the Russell index reset.
- Short interest was 339.62 million shares, 25.5% of the float. At midday, trading volume reached just 31% of its 65-day average.
Plug Power Inc. NASDAQ:PLUG traded higher Tuesday as investors watched two deadlines hit the hydrogen stock: a final day for a planned asset sale to boost cash and its first week in the Russell indexes after the June reset, which steered the shares toward growth lists.
Plug was at $2.7099, up 11.99 cents, or 4.63%, as of 12:03 p.m. EDT. Volume came in at 23.18 million shares, which is 31% of the 65-day average. MarketWatch showed short interest at 339.62 million shares as of June 15, or 25.5% of float. Using the same average volume, that covers about 4.6 trading days.
| Near-midday tape | Price/level | Move |
|---|---|---|
| Plug Power NASDAQ:PLUG | $2.7099 | up 4.63% |
| Nasdaq Composite | 26,095.83 | added 1.07% |
| iShares Russell 2000 Growth ETF (NYSEARCA:IWO) | $392.25 | rose 0.51% |
| iShares Russell 2000 Value ETF (NYSEARCA:IWN) | $221.28 | little changed |
| Ballard Power Systems Inc. NASDAQ:BLDP | $3.825 | up 2.55% |
| Bloom Energy Corp. NYSE:BE | $292.37 | climbed 6.31% |
The stock didn’t just jump. S&P Capital IQ index moves on MarketScreener show Plug was added to the Russell 2000 Growth on June 29 and dropped from Russell 2000 Value that same day. The notice feed also listed Plug in the Russell 2500 Growth and Russell Small Cap Comp Growth, with removals from the 2500 Value and Small Cap Comp Value indexes.
| Reported Russell-style action | Date shown |
|---|---|
| Russell 2000 Growth add | June 29 |
| Out of Russell 2000 Value | June 29 |
| Russell 2500 Growth add | June 29 |
| Left Russell 2500 Value | June 28 |
| Joined Russell 3000 Growth | June 28 |
| Joined Russell 3000E Growth | June 28 |
FTSE Russell confirmed its June 2026 index shakeup is in effect, after changes kicked in after the U.S. close on June 26 and started trading on June 29. The firm says about $12.2 trillion is either benchmarked to or invested in Russell U.S. indexes. A style reclassification moves who tracks a stock, even if the company’s business doesn’t change that week.
Another date to watch is June 30. Plug said back in February that it had agreed to sell its stake in the Project Gateway site in New York to Stream Data Centers. The company said it expected gross proceeds of at least $132.5 million, and up to $142 million, with the deal expected to close by June 30. On MarketWatch’s midday numbers, Plug’s $3.61 billion market cap means the deal could bring in roughly 3.7% to 3.9% of its equity value.
| Cash and operating items investors are watching | Figure |
|---|---|
| Q1 2026 revenue | $163.5 million, up 22% from last year |
| Q1 2026 GAAP gross margin | negative 13%, improved from negative 55% last year |
| Q1 2026 adjusted EPS | negative 8 cents, better than negative 17 cents |
| Total cash at quarter-end | over $802 million |
| Unrestricted cash at quarter-end | $223 million |
| Expected Project Gateway proceeds | $132.5 million-$142 million |
Plug CEO Jose Luis Crespo said in May the company beat its internal revenue targets and is still aiming for positive EBITDAS in the fourth quarter of 2026. In the same quarterly filing, Plug said it expected its first asset-monetization deal, about $142 million, to close in June.
Crespo described the Stream Data Centers deal as a move to boost liquidity. In February, he said it was focused on “strengthening liquidity” and “enhancing financial flexibility.” Plug said the sale fits into a plan targeting more than $275 million in liquidity gains, pointing to asset sales, unlocking restricted cash, and cutting maintenance costs. Plug Power
Plug last week finished work on a 5 MW GenEco PEM electrolyzer at European Energy’s Måde Power-to-X site in Denmark, the company said June 24. The company expects the site to put out about 550 metric tons of green hydrogen a year running at full capacity. Crespo said Plug is now shifting from “one-off deployments to repeatable execution.” Rene Alcaraz Frederiksen, head of Power-to-X at European Energy, said the project has started to “produce certified renewable hydrogen.” Plug Power
Analyst calls didn’t follow Tuesday’s action. Investing.com still showed Wells Fargo & Co. NYSE:WFC at Hold and set a $2.50 price target as of June 29. Plug traded at $2.7099, clearing that new Wells Fargo target.
