EARN25

Plug Power Stock Tumbles Despite Bullish Coverage

Year-to-date, PLUG is down 14%

Digital Content Manager
Jul 6, 2023 at 10:07 AM
facebook X logo linkedin


Citigroup initiated coverage on Plug Power Inc (NASDAQ:PLUG) this morning with a "buy" rating and $13 price target. The analyst noted the company could become one of the biggest global green hydrogen suppliers. Nevertheless, the equity is still down 4.5% to trade at $10.16 at last check.

Plug Power stock has struggled with a ceiling at the $12 region since March, but its 50-day moving average has acted as support for the past month. Year-to-date, PLUG is down 14%.

The brokerage bunch is firmly optimistic toward the equity, with 13 of the 21 in coverage sporting a "buy" or better rating, while the 12-month consensus target price of $18.50 is a 73.9% premium to current levels. Meanwhile, short interest accounts for 21.4% of the stock's available float, and would take nearly one week to cover, at its average pace of daily trading.

Options traders lean bullish as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PLUG's 50-day call/put volume ratio of 2.41 ranks higher than all but 1% of annual readings, suggesting calls have been getting picked up at a quicker-than-usual clip.

What's more, the security has exceeded option traders' volatility expectations during the past year. This is per PLUG's Schaeffer's Volatility Scorecard (SVS), which sits at 92 out of 100.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!