Decoding Plug Power's Options Activity: What's the Big Picture?

Investors with a lot of money to spend have taken a bullish stance on Plug Power PLUG.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PLUG, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 10 uncommon options trades for Plug Power.

This isn't normal.

The overall sentiment of these big-money traders is split between 60% bullish and 40%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $510,747, and 4 are calls, for a total amount of $182,391.

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Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $2.5 to $12.5 for Plug Power during the past quarter.

Insights into Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Plug Power's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Plug Power's whale activity within a strike price range from $2.5 to $12.5 in the last 30 days.

Plug Power 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

About Plug Power

Plug Power is building an end-to-end green hydrogen ecosystem—from production, storage and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets—including material handling, e-mobility, power generation, and industrial applications.

After a thorough review of the options trading surrounding Plug Power, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Plug Power's Current Market Status

• Trading volume stands at 25,435,119, with PLUG's price down by -7.49%, positioned at $3.58.
• RSI indicators show the stock to be may be approaching oversold.
• Earnings announcement expected in 99 days.

Expert Opinions on Plug Power

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $6.6.

• Maintaining their stance, an analyst from Truist Securities continues to hold a Hold rating for Plug Power, targeting a price of $6.
• An analyst from Jefferies has revised its rating downward to Hold, adjusting the price target to $6.
• An analyst from Johnson Rice downgraded its action to Hold with a price target of $6.
• An analyst from JP Morgan downgraded its action to Neutral with a price target of $6.
• Maintaining their stance, an analyst from Susquehanna continues to hold a Positive rating for Plug Power, targeting a price of $9.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Plug Power with Benzinga Pro for real-time alerts.