PLUG and TGT are significantly lower in 2023
Target Corp (NYSE:TGT) stock is trading at three-year lows today, after BofA Global Research lowered its price target on the retailer to $120 from $135, citing continued sales decline. At last glance, TGT was down 3.5% at $106.65, earlier hitting a low of $106.15. The shares' have racked up a 28.6% year-to-date deficit, with their 20-day moving average serving as a ceiling since August.
Options bulls appear to be buying in on the dip however, as the 39,000 calls exchanged today is volume that's double the amount typically seen at this point. The weekly 10/6 109- and 110-strike calls are the most popular, with new positions being opened at both.
Plug Power Inc (PLUG) stock marked three-year lows today as well, down 9.5% at $6.87 at last check. Truist Securities lowered PLUG's price target to $8 from $9, keeping its "hold" rating, ahead of the hydrogen fuel cell company's Oct. 11 symposium. Since the start of the year, the security is down 44.4%.
Today's volatile price action has PLUG on the short sell restricted (SSR) list. It's also worth noting that more bear notes could be in store for the future, considering 12 of 20 brokerages in coverage maintain "buy" or better ratings, with zero "sells" on the books. Furthermore, the shares; consensus 12-month price target of $17.64 is a 156% premium from PLUG's current perch.