Plug Power's Dramatic 9-Day Rally Looks Like a Classic Short Squeeze

"Plug Power ( NASDAQ:PLUG ) shares have been on a tear, climbing for nine straight sessions and surging 88% from a low of $1.41 to $2.65 per share. Today, PLUG stock is up another 12%, pushing toward $3.00 per share. This isn't just a rebound - it's a full-throated rally. From its 52-week low of $0.92 per share in May, PLUG is now up a staggering 284%, turning heads in the alternative energy space."

"The recent run higher is not based on any new wins, but rather tangential benefits from interest rate cuts and Nvidia's ( NASDAQ:NVDA ) $100 billion investment in OpenAI, which reminds everyone how much energy data centers consume. PLUG did sign a new multi-year supply deal with a leading U.S.-based industrial gas partner - but that was back in July - and it also reported upbeat second-quarter earnings last month showing 21% revenue growth to $174 million amid rising hydrogen demand."

"A Rollercoaster of Hype, Heights, and Hard Falls Plug Power has long been the darling - and disappointment - of clean energy investors. Since going public in 1999, its stock has soared to dizzying heights on whispers of a hydrogen revolution, only to crash harder each time reality bites. Management's playbook hasn't helped. They've mastered the art of capitalizing on PLUG's euphoric spikes, routinely diluting shareholders with secondary offerings. In 2021 alone, Plug raised over $1 billion through stock sales at inflated prices, flooding the marke"

Plug Power's share price has surged dramatically, rising 88% from $1.41 to $2.65 and 284% from its 52-week low of $0.92, with intraday moves toward $3.00. The rally lacks new company-specific catalysts and instead benefits from broader factors like expected interest rate cuts and attention to energy use after Nvidia's investment in OpenAI. The company did finalize a multi-year supply deal and reported Q2 revenue growth of 21% to $174 million, but those developments precede the current spike. The price action shows signs of a classic short squeeze amid a history of hype and shareholder dilution.

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