New York, June 29, 2026, 09:06 EDT
- Plug Power Inc. NASDAQ:PLUG traded at $2.58 before the bell, gaining 1.6%. The stock had fallen for five sessions in a row as of Friday.
- Short interest was 339.62 million shares, making up 25.5% of the public float. That’s roughly 4.6 days of average trading volume.
- June 29 isn’t on the 2026 Nasdaq holiday calendar. Normal market hours set for 9:30 a.m. to 4:00 p.m. ET, and premarket trading runs 4:00 a.m. to 9:30 a.m. ET.
- Stream Data Centers agreed to sell an asset for at least $132.5 million, with the price possibly reaching $142 million. The deal has a long-stop date set for June 30.
At the stated time, Plug Power Inc. NASDAQ:PLUG traded in premarket. According to Nasdaq’s 2026 schedule, the next U.S. market holiday is July 3 for Independence Day observed—June 29 is not a listed closure. The exchange had premarket action open at 09:06 EDT.
The 1.6% premarket gain Monday isn’t the real story. There’s a heavy short position on the stock, with MarketWatch showing 339.62 million shares sold short as of June 15, or 25.5% of the public float. That’s roughly 4.6 days to cover at the average volume of 73.52 million shares.
Plug dropped 1.17% to $2.54 on Friday, closing lower for the fifth day in a row. The Nasdaq Composite lost 0.24%, Dow edged down 0.09%. Plug traded 95.67 million shares, about 130% of its 65-day average.
| Plug Power trading gauge | Latest data |
|---|---|
| Premarket quote | $2.58, up 1.57% |
| Friday close | $2.54, off 1.17% |
| Friday volume | Volume was 95.67 million shares |
| 65-day average volume | 65-day avg. sits at 73.52 million shares |
| Short interest | Shorts are at 339.62 million shares |
| Short interest / float | Short interest is 25.5% of float |
| 52-week range | Range for the year: $1.2350–$4.5800 |
| Market value | Market cap at $3.54 billion |
Why it matters: it’s about dilution and cash. Plug’s Q1 revenue was up 22% to $163.5 million, and gross margin better at negative 13% versus negative 55%. But Plug posted a wider net loss, $245.3 million, up from $196.7 million. Loss per share looked smaller at 18 cents, down from 21 cents, but only because the average share count jumped to 1.39 billion from 945.8 million, a 47% rise.
| Q1 metric | 2026 | 2025 | Change |
|---|---|---|---|
| Net revenue | $163.5 mln | $133.7 mln | Up 22% |
| GAAP gross margin | -13% | -55% | Improved 42 pts |
| Net loss attributable to Plug | $245.3 mln | $196.7 mln | Loss grew |
| GAAP EPS | -$0.18 | -$0.21 | Loss shrank |
| Adjusted EPS | -$0.08 | -$0.17 | Loss shrank |
| Weighted average shares | 1.39 bln | 945.8 mln | Up 47% |
| Cash, cash equivalents and restricted cash | $802.0 mln | $1.08 bln | Down |
Chief Executive Jose Luis Crespo said the quarter “positions us to achieve our EBITDAS positive target in Q4 2026.” Chief Financial Officer Paul Middleton called the margin shift an “inflection point,” adding that Plug’s hydrogen network is in a “leverage-the-asset-base phase.” Plug Power
Plug’s cash position is tight. The company finished March with $223 million in unrestricted cash and $579 million in restricted cash. Around $50 million in restricted cash is expected to be released each quarter for the next few years. Plug also said it expects about $275 million from monetizing hydrogen project assets, with a first Stream Data Centers deal of roughly $142 million set to close in June.
That makes Tuesday an important date for the stock. Under Plug’s deal in February with Stream, the company expects at least $132.5 million in gross proceeds, which could go up to $142 million based on timing and asset-removal conditions. The agreement has a long-stop close of June 30. Plug’s press release archive listed its most recent release as June 24, with no newer releases shown there by the time of writing.
Plug focused on operations in its latest update. The company said June 24 it finished commissioning a 5 MW GenEco PEM electrolyzer system at European Energy’s Måde Power-to-X site in Denmark. The unit is set to deliver roughly 550 metric tons of green hydrogen per year at full output. Rene Alcaraz Frederiksen, EVP and Power-to-X head at European Energy, said the project advanced “through installation and commissioning” and is now making certified renewable hydrogen. Plug Power
U.S. stock futures were higher early, with Reuters showing Nasdaq 100 e-minis up 1.28% and S&P 500 e-minis ahead 0.91% as of 7:03 a.m. ET. For Plug, the focus stays on the single name: a big short position, more shares out, and the June 30 asset-sale deadline.
