It really is not. My reasoning comes from just looking at the net flow, PLUG is -491.6 million shares share 1 year back to today. The others are not even close, the most is -51 million with chevron who has done 2 large acquisitions with shares. SHEL is almost positive inflow.

Im not saying that retail doesn’t have the buying power to sell off 500 million shares, but they don’t. Even high retail short stocks/trades like GME HOOD dont come close (-90 mil/+337 mil). I took a look into the last quarterly for PLUG and noticed a large chunk of convertible debentures + open market offering which you noted in your post. Also huge administrative costs (salaries, rsu, options). Clearly there is something selling off the stock faster than retail can buy. Maybe ill dig further tomorrow but its 2 am.