The stock of Plug Power Inc. (NASDAQ:PLUG) is now priced at $8.19 and the shares are 0.13 points up or 1.61% higher compared to its previous closing price of $8.06. The stock had 11.869 million contracts set over the past session. PLUG shares’ daily volume is compared to its average trading volume at 21 million shares. However, it has a float of 306 million and although its performance was -11.23% over the week, it’s one to watch. Analysts have given the PLUG stock a yearly average price target of $9.87 per share. It means the stock’s upside potential is 20.51% with the PLUG share price recently placing at $8.03 to $8.35. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the Plug Power Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the PLUG shares have declined. Short interest in the stock represents just 19.08% of its float, but the volume has dropped by -13577251. The volume of shorted shares dropped to 58.424 million from 72.001 million shares over the last two weeks. The average intraday trading volume has been 34.112 million shares, which means that days to cover moved to roughly 1.712698.
In the last trading session, Plug Power Inc. (NASDAQ:PLUG) dropped by -$0.76 over the week and lost -$0.02 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.49. The stock recorded its established 52-week high on 07/06/20.
Since 08/15/19, the stock has traded to a low of $1.88 at 335.64%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.25. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Plug Power Inc.’s two-week RSI is 52.17. This suggests that the stock is neutral at the moment and that PLUG shares’ price movement remains stable. The stochastic readings are equally revealing at 15.77% meaning the PLUG share price is currently in overbought territory.
The technical chart shows that the PLUG stock will likely settle at between $8.26 and $8.47 per share. However, if the stock dips below $7.94, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.83.
Currently, the stock is trading in the red of MACD, with a reading of -0.39. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Barclays cut their recommendation for PLUG from Overweight to Equal Weight in July 09 review while maintai their target price of $10. H.C. Wainwright analysts see the stock as a Buy, but they also dropped the share’s target price from $6 to $14 in a flash note released to investors on June 24. B. Riley FBR analysts see the stock as Buy when the analysts resumed the share price coverage on June 12.
The average rating for the PLUG equity is 1.89 and is currently gathering a bullish momentum. Of 10 analysts tracking Plug Power Inc. polled by Reuters, 2 rated PLUG as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PLUG stocks P/S ratio currently stands below the group’s average of 43.8. Plug Power Inc. has its P/E ratio at 24.5, which means that the stock is currently trading at a premium relative to the 3.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Plug Power Inc. (NASDAQ:PLUG) will decrease by about -99.85%, which will see them reach $59.47 million. The company’s full-year revenues are, however, expected to increase by about 29.7%, up from $236.8 million to $307.12 million. PLUG’s expected adjusted earnings should surge almost 25% to end up at -$0.1 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -5.56% to record -$0.34/share.