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Plug Power Inc (NASDAQ:PLUG) shares continued their downward trend Tuesday afternoon, trading lower in a quiet session lacking any new company-specific catalysts. The stock is still grappling with the fallout from last week’s financing announcement.
What To Know: The hydrogen fuel cell company saw its stock fall over 20% last week after announcing a warrant inducement agreement to raise $370 million. The deal, priced at $2.00 per share, sparked concerns about shareholder dilution, overshadowing several positive operational developments.
These recent wins included a strategic partnership with Edgewood Renewables to build a new renewable fuels plant in Nevada and the successful first delivery of hydrogen to Germany’s H2CAST project, a key step in its European expansion.
Despite these long-term growth initiatives, investors could be focused on the immediate impact of the capital raise. The negative sentiment has carried over, with the stock failing to find a footing as the market continues to digest the dilutive effects of the financing deal.
Benzinga Edge Rankings: Despite the stock's recent downward pressure, Benzinga Edge rankings show Plug Power has a very high Momentum score of 93.84, contrasted by a low Growth score of 14.82.
PLUG Price Action: Plug shares were down 5.7% at $2.79 on Tuesday, according to data from Benzinga Pro. The stock is trading within its 52-week range of 69 cents to $4.58, reflecting significant volatility and investor sentiment challenges.
Currently, Plug is trading approximately 15% above its 50-day moving average of $2.42, which may provide a level of support in the event of further selling pressure. The stock’s 200-day moving average stands at $1.68, placing it 65.8% above this longer-term trend line, suggesting a bullish outlook over the longer term.
Read Also: Nvidia Stock Is Sailing Into A Sweet Spot — And The Street’s Just Taking Notice
By now you're likely curious about how to participate in the market for Plug Power – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of Plug Power, which is trading at $2.81 as of publishing time, $100 would buy you 35.59 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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Posted In: PLUG
