Investors are loading up on Plug Power (PLUG) ahead of its Q1 results scheduled to be released after market close today.
Consensus is for the company to contract its per-share loss further to $0.09 on some 6.6% increase in revenue to nearly $143 million in the first financial quarter.
Plug Power stock has already soared roughly 100% since late February, but the derivatives market seems to believe it will rip higher after the earnings release on Monday.
Where Options Data Suggests Plug Power Stock Is Headed
According to Barchart, the put-to-call ratio on options contracts expiring May 15 sits at 0.2x at the time of writing, indicating a very strong bullish skew.
The upper price on those contracts sits north of $4, signaling PLUG stock could trade more than 15% above current levels within days after its quarterly release.
Heading into the Q1 print, the fuel cell technology specialist stands firmly above its major moving averages (MAs), with an RSI in the mid-60s pointing to intense buying pressure.
In fact, based on 13 technical indicators covering all (short, medium, and long) timeframes, Barchart currently has a “100% BUY” opinion on NYSE-listed Plug Power.
Fundamentals Also Warrant Buying PLUG Shares
Beyond the bullish technical setup, Plug Power’s fundamental narrative is shifting from cash-burn concerns to execution.
The company is finally reaping the rewards of its vertically integrated green hydrogen ecosystem, specifically through its Georgia production plant, which is now operating at nameplate capacity.
This facility is a critical margin-driver, as it trims PLUG’s reliance on expensive third-party liquid hydrogen.
Furthermore, recent deals with data center developers expected to generate more than $275 million in liquidity serve as a massive de-risking event, providing the capital necessary to fund operations.
With the Clean Hydrogen Production Tax Credit (45V) acting as a long-term catalyst and growing backlog in its electrolyzer business, Plug Power is transitioning from a speculative “growth-at-all-costs” firm to a notable infrastructure play in the global energy transition.
Wall Street Remains Bullish on Plug Power
Wall Street firms also remain constructive on PLUG shares heading into the company’s Q1 earnings release.
While the consensus rating on Plug Power sits at “Hold," price targets as high as $7, indicating potential for a whopping 95% upside from here.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
- Seasonal Tailwinds Are Aligning for 30 & 10-Year Treasuries – Here's the Setup
- Ahead of Plug Power Earnings, Here Is What Barchart Options Data Shows for PLUG Stock
- Unusual Call Options in Microsoft Shows Investors are Bullish on MSFT
- Novavax Stock Is Red Hot but the Smart Money Is Slamming on the Brakes
