On March 2, 2023 at 14:42:52 ET an unusually large $438.88K block of Put contracts in Plug Power (PLUG) was sold, with a strike price of $10.00 / share, expiring in 323 days (on January 19, 2024). Fintel tracks all large options trades, and the premium spent on this trade was 8.97 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in PLUG options.

This trade was first picked up on Fintel’s real time Options Flow tool, where all large block option trades are tracked.

Analyst Price Forecast Suggests 96.26% Upside

As of March 2, 2023, the average one-year price target for Plug Power is $27.89. The forecasts range from a low of $13.13 to a high of $81.90. The average price target represents an increase of 96.26% from its latest reported closing price of $14.21.

The projected annual revenue for Plug Power is $1,419MM, an increase of 102.30%. The projected annual non-GAAP EPS is -$0.64.

What is the Fund Sentiment?

There are 926 funds or institutions reporting positions in Plug Power. This is an increase of 5 owner(s) or 0.54% in the last quarter. Average portfolio weight of all funds dedicated to PLUG is 0.16%, a decrease of 30.79%. Total shares owned by institutions increased in the last three months by 2.90% to 329,384K shares. The put/call ratio of PLUG is 0.84, indicating a bullish outlook.

What are large shareholders doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 17,772K shares representing 3.05% ownership of the company. In it’s prior filing, the firm reported owning 17,285K shares, representing an increase of 2.74%. The firm decreased its portfolio allocation in PLUG by 44.10% over the last quarter.

Voya Investment Management holds 17,398K shares representing 2.98% ownership of the company. In it’s prior filing, the firm reported owning 18,017K shares, representing a decrease of 3.56%. The firm decreased its portfolio allocation in PLUG by 68.27% over the last quarter.

BNP Paribas Asset Management Holding holds 17,214K shares representing 2.95% ownership of the company. In it’s prior filing, the firm reported owning 10,178K shares, representing an increase of 40.87%. The firm decreased its portfolio allocation in PLUG by 51.35% over the last quarter.

Norges Bank holds 17,072K shares representing 2.93% ownership of the company. In it’s prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 13,554K shares representing 2.33% ownership of the company. In it’s prior filing, the firm reported owning 13,333K shares, representing an increase of 1.63%. The firm decreased its portfolio allocation in PLUG by 45.03% over the last quarter.

Plug Power Background Information
(This description is provided by the company.)

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

This article originally appeared on Fintel

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