Schaeffer's 43rd Anniversary Stock Picks in 2024

Plug Power Stock Powered Up By Revenue Beat

Two analysts cut their PLUG price targets after the report

Deputy Editor
Aug 6, 2021 at 9:36 AM
facebook X logo linkedin

Plug Power Inc (NASDAQ:PLUG) is in the spotlight today, after the alternative energy name reported a second-quarter earnings miss, but better-than-expected revenue. To follow, J.P. Morgan Securities and RBC lowered their price targets to $48 and $35, respectively.

Despite the mixed report and bear notes, PLUG is up 8.9% to trade at $28.32 at last check. In the last month, the $25 level has provided a consistent floor for Plug Power stock's pullbacks. Today's pop has the stock breaking out of the summer-long congestion and clearing its 20-day moving average for the first time in a month.

Given the stock's 23% year-to-date deficit, there is still plenty of pessimism that could unwind and keep the wind at the stock's back. Of the 21 brokerages in coverage, eight carry a "hold" or "strong sell" rating on the stock. Meanwhile, although short interest fell by 12% in the two most recent reporting periods, the 43.49 million shares sold short still makes up 8.5% of PLUG's available float. 

What's more, the security's Schaeffer's Volatility Scorecard (SVS) sits at a high 99 out of 100. This means PLUG has exceeded option traders' volatility expectations during the past year.


A.I.’s Dirty Little Secret: The Real Power Behind The AI. Boom ✨

Anyone who’s seen the The Matrix movies knows that A.I. needs power.  Lots and lots of power.

If you’ve seen the movie, you also know the grizzly results of the ensuing battle for that power.

Now, Wall Street’s battle for A.I. power won’t go to such extremes. Hopefully?

A.I. needs more power and that means more opportunities for stock traders in the know.

Download your free copy of “The A.I. Revolution: 4 Stocks to Buy Now”!