Plug Power Stock Volume Tops 120 Million Shares on Nasdaq
0h ago|3 min readQuick Read
Fazen Markets Editorial Desk
Collective editorial team · methodology
hydrogenrenewable-energy
Fazen Markets Editorial Desk
Collective editorial team · methodology
Trades XAUUSD 24/5 on autopilot. Verified Myfxbook performance. Free forever.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. Vortex HFT is informational software — not investment advice. Past performance does not guarantee future results.
Plug Power Inc. (PLUG) traded over 120 million shares on the Nasdaq on 23 May 2026, ranking it among the most actively traded US equities by volume for the session. The hydrogen fuel cell developer’s stock price closed at $4.76, a decline of 8.2% that contrasted sharply with the heightened trading activity. This volume figure represents more than triple its 30-day average daily volume of approximately 38 million shares.
Intense trading in Plug Power shares coincides with a critical juncture for the broader hydrogen sector. The Department of Energy is expected to release final guidance on the 45V hydrogen production tax credit by the end of May 2026, creating significant regulatory uncertainty. This event follows a prior spike in PLUG volume on 15 April 2026, when 98 million shares traded after the company announced a partnership with a major automaker.
The current macro backdrop features elevated volatility in growth stocks, with the Russell 2000 Growth Index declining 4% month-to-date. High short interest is a persistent factor for many pre-profitability clean tech companies. The immediate catalyst for the volume surge appears to be the announcement of a new 500-megawatt electrolyzer supply agreement with a European industrial client.
Trading data from 23 May reveals the scale of activity. Plug Power’s volume of 120 million shares significantly outpaced other high-volume names like Tesla (TSLA) at 85 million and Apple (AAPL) at 55 million. The stock’s price range for the day was wide, hitting a high of $5.24 and a low of $4.61.
Plug Power’s market capitalization stands at approximately $3.2 billion following the price decline. Short interest remains elevated at 28.4% of the float, as reported by S3 Partners on 20 May. This high level of short interest can exacerbate volume spikes during periods of positive or negative news flow.
| Metric | 23 May 2026 | 30-Day Average |
|---|---|---|
| Volume | 120M shares | 38M shares |
| Stock Price | $4.76 | $5.10 |
| Short Interest % Float | 28.4% | 27.1% |
The high volume and negative price action suggest a dominant sell-side flow, potentially driven by short-selling or long liquidation. This activity directly impacts peers in the hydrogen ecosystem. Companies like Bloom Energy (BE) and FuelCell Energy (FCEL) also saw elevated volume, with BE declining 3.5% and FCEL falling 5.1% on the same day.
A key counter-argument is that high volume on negative news can sometimes indicate a capitulation event, where weak hands exit and establish a bottom. The announced electrolyzer order is a tangible positive for revenue, but the market is currently focused on the company’s path to profitability and cash burn. Options flow data indicates heavy buying of short-dated out-of-the-money puts, signaling a bearish near-term bias among traders.
Two immediate catalysts will dictate near-term price action. The Department of Energy’s 45V guidance is expected by 31 May 2026. Plug Power’s next earnings release is scheduled for 1 August 2026, where analysts will scrutinize cash flow and order backlog figures.
Technical levels are critical. The stock is testing a key support zone between $4.50 and $4.75, a level that held in late April 2026. A sustained break below $4.50 could trigger further selling toward the 52-week low of $3.71. Conversely, a rally above the 50-day moving average near $5.40 would likely force a short-covering rally given the elevated interest.
Plug Power operates in the capital-intensive hydrogen production and fuel cell sector, which is highly sensitive to government policy and subsidy announcements. The company is not yet profitable, leading to heightened investor sensitivity to news about its cash position and funding needs. This fundamental profile attracts both speculative long-term investors and short-sellers, creating a recipe for high volatility and volume.
A short interest of 28.4% means a significant portion of Plug Power’s available shares have been borrowed and sold by investors betting the price will fall. This can amplify upward moves if positive news forces these short-sellers to buy back shares to close their positions, a dynamic known as a short squeeze. However, it also represents a large pool of potential sellers if the bearish thesis strengthens.
While extreme, Plug Power’s volume of 120 million shares remains below the historic peaks of classic meme stocks. For context, GameStop (GME) recorded a single-day volume of over 200 million shares during the January 2021 short squeeze. PLUG’s volume is notable for its sector but is driven more by fundamental catalysts and high institutional short interest than purely retail-driven social media momentum.
Elevated short interest and a major new order collided to generate extreme volume amidst a sector-wide selloff.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
Vortex HFT is our free MT4/MT5 Expert Advisor. Verified Myfxbook performance. No subscription. No fees. Trades 24/5.
Trade 800+ global stocks & ETFs
Start TradingSponsored
Open a demo account in 30 seconds. No deposit required.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.