Plug Power is popping after an encouraging cost-savings plan, revenue guidance
We covered Plug Power Inc (NASDAQ:PLUG) stock 53 times in 2021, and only seven times in 2024. That's what happens when your share price trades as high as $75.49 in January 2021, and plummets to penny stock territory within three years. The hydrogen fuel cell company has struggled with profitability and retail trading volatility since that peak, but today is up 26% to trade at $1.02, one of the best stocks on Wall Street.
The comeback is in full swing. As part of Plug Power's preliminary earnings report that featured upwardly revised first-quarter revenue guidance, the company signed a definitive agreement for up to $525 million in secured debenture loans, with the plan to refinance its substantial debt.
Make no mistake, PLUG is still deep in the red; down 52% in 2025. Despite today's pop -- poised to be the stock's best single-session gain since January 2024 -- of the 26 brokerages in coverage, 20 maintain "hold" or worse ratings and zero upgrades/price-target hikes have occurred today. Keep an eye out for a short squeeze though, with a massive 31% of PLUG's total available float sold short.
It hasn't stopped options traders from making their move. At last check, over 140,000 calls have changed hands, volume that's 14 times the average intraday amount and nearly quadruple the number of puts traded. The weekly 5/2 1.50-strike call is the most popular.