Plug Power (PLUG) shares are inching further up on Tuesday after Paul Middleton, the company’s chief of finance, loaded up on 650,000 of its shares. 

PLUG is retaining upward momentum also because investors are hoping for a short squeeze, given the hydrogen fuel cell maker currently has nearly 30% of its float held short. 

Including today’s gain, Plug Power stock is up some 90% versus its year-to-date low.  

Plug Stock Remains Unattractive to Own in 2025

Despite bullish momentum and hopes of a short squeeze ahead, with 26.7% of its float sold short as tracked by Fintel.io, PLUG shares remain unattractive as the company’s management has recently made two equally offputting proposals to investors. 

Plug Power is seeking authorization to increase its outstanding shares or it will resort to a reverse stock split to remain listed on the Nasdaq Exchange. 

If the clean energy company is allowed to issue more stock, it will dilute the existing shareholders. On the other hand, a reverse stock split is often a sign of unusual financial distress. 

As evident, the road ahead demands flawless execution. 

Continued Losses Could Weigh on PLUG Shares

Investors should practice caution on Plug Power stock also because the company is not very likely to turn a profit anytime soon. 

In fact, its losses have actually piled up in recent years. In 2023, the Latham-headquartered firm lost $1.36 billion but the number went up sharply to $2.1 billion last year. 

Moreover, the hydrogen fuel cell maker stands to take a hit under President Donald Trump, whose administration has been hostile toward clean energy subsidies and grants. 

Wall Street Has a Different View on Plug Power

Interestingly, Wall Street analysts still view Plug Power stock as undervalued at current levels. 

While the consensus rating on the clean energy company remains at “Hold” only, the mean target of about $2.00 indicates potential upside of more than 40% from current levels.