Massive Contract Boosts PLUG Stock

Analysts are extremely bullish on PLUG

Digital Content Manager
Jan 6, 2020 at 9:59 AM
facebook twitter linkedin

The shares of Plug Power Inc (NASDAQ:PLUG) are soaring today, after the company won a contract from an unnamed Fortune 100 client for hydrogen fuel cell deployments at the "close of 2019." The contract is valued at more than $172 million. The stock is up 10.2% at $3.56 in response. 

Looking back, Plug Power stock hit a five-year peak just north of the $4 level back in late-November. While the shares sold off sharply following this high, their 100-day moving average helped capture the pullback. Now, PLUG is eyeing its first close back atop recent pressure at its 30-day moving average.  

Analysts have been optimistic over PLUG, despite the recent pullback. Five of the six in coverage call it a "strong buy." Plus, the consensus 12-month price target of $4.16 is a 28.8% premium to last night's close, and represents a level the equity hasn't touched since 2014. 

On the other hand, short sellers have a tight grip on the security, despite short interest falling 8.6% in the last two reporting periods. The 46.65 million shares sold short represent a solid 20.3% of PLUG's available float, and would take over a week to cover, at the stock's average pace of trading. 


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners