Plug Power’s 170% Hydrogen Rally Cools – Can PLUG Stock Reignite?

Plug Power’s stock has been on a wild ride through October. After languishing around $1.50 per share in late summer 2025, PLUG erupted in a hydrogen-fueled rally, reaching a new 52-week high near $4.58 by early Octoberts2.tech. That surge – roughly +170% in a few months – vastly outpaced the broader market. It was amplified by a short squeeze: with roughly one-third of PLUG’s float sold short, each burst of positive news forced bearish traders to buy shares to cover, turbocharging the uptrendts2.tech. Indeed, PLUG logged nearly 100 trading days with swings over 5% in the past yearts2.tech, highlighting extreme volatility.