Plug Power reported a revenue beat alongside an earnings miss
Plug Power Inc (NASDAQ:PLUG) is in the spotlight today, after the alternative energy name reported a second-quarter earnings miss, but better-than-expected revenue. To follow, J.P. Morgan Securities and RBC lowered their price targets to $48 and $35, respectively.
Despite the mixed report and bear notes, PLUG is up 8.9% to trade at $28.32 at last check. In the last month, the $25 level has provided a consistent floor for Plug Power stock's pullbacks. Today's pop has the stock breaking out of the summer-long congestion and clearing its 20-day moving average for the first time in a month.
Given the stock's 23% year-to-date deficit, there is still plenty of pessimism that could unwind and keep the wind at the stock's back. Of the 21 brokerages in coverage, eight carry a "hold" or "strong sell" rating on the stock. Meanwhile, although short interest fell by 12% in the two most recent reporting periods, the 43.49 million shares sold short still makes up 8.5% of PLUG's available float.
What's more, the security's Schaeffer's Volatility Scorecard (SVS) sits at a high 99 out of 100. This means PLUG has exceeded option traders' volatility expectations during the past year.