Plug Power Inc. (NASDAQ:PLUG) is attracting attention as its stock experienced a significant rise, marking an impressive streak of gains. The company’s shares surged by 21.7% on Monday, reaching a closing price of $2.65. This upward trend has continued into premarket trading on Tuesday, with a potential opening price of $2.84, reflecting a notable 7% increase.
The company, a known player in the hydrogen fuel cell market, has been on a positive trajectory over the past nine consecutive trading sessions. Investors are showing growing interest in Plug Power, which is evident from the increase in its stock price.
However, it’s crucial to note that the company has a short interest level of 30.23%, indicating that a significant portion of investors are betting against the stock. This high short interest level adds a layer of volatility and suggests that investors are divided on the company’s future prospects. It may also lead to a short squeeze if the stock continues to rise, forcing short sellers to cover their positions by buying back shares, thereby driving the stock price even higher.
Overall, the recent performance of Plug Power’s shares is garnering attention, highlighting the market’s interest in the clean energy sector and the potential of hydrogen fuel technology. Investors will be keenly watching to see if this positive momentum continues in the coming weeks.