Plug Power Stock Drawing Option Bulls Ahead of Investor Day

Options volume is today running at double the intraday average

Fernanda Horner

Digital Content Manager

Jun 13, 2023 at 3:49 PM

PLUG

Plug Power Inc (NASDAQ:PLUG) stock is up 4.4% to trade at $10.89 at last check, after the hydrogen fuel cell concern's 2023 sales guidance came in above analysts' estimates ahead of its investor day, which will take place tomorrow at its gigafactory in Rochester, New York.

Overall options volume is today running at double the intraday average volume, with 85,000 calls and 33,000 puts traded so far. The most popular contracts are the June 11 and 12.50 calls, with new positions being bought to open at the latter.

The shares are pacing for their first close above the 80-day moving average since mid-February, as they extend a bounce off a May 15, three-year low of $7.39. The stock still carries a roughly 12% year-to-date deficit, but have added more than 44% over the last month.

PLUG 80 Day

Furthermore, the equity's Schaeffer's Volatility Scorecard (SVS) ranks at a 88 out of 100, meaning it has exceeded option traders' volatility expectations during the past year.

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