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Wed. 20 Oct 2021, 1:02pm ETBenzinga
In: Options, Markets

Someone with a lot of money to spend (and possibly insider knowledge) has taken a bearish stance on Plug Power(NASDAQ:PLUG).

And retail traders should know.

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

Whether this is an institution or just a wealthy individual, 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 this whale just did?

Today, Benzinga's options scanner spotted 19 uncommon options trades for Plug Power.

This isn't normal.

The overall sentiment of these big-money traders is split between 31.58% bullish and 68.42%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $573,984, and 15 are calls, for a total amount of $927,890.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $45.0 for Plug Power over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Plug Power options trades today is 3099.1 with a total volume of 20,845.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Plug Power's big money trades within a strike price range of $20.0 to $45.0 over the last 30 days.

Plug Power Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
PLUG PUT TRADE BEARISH 06/17/22 $30.00 $455.0K 2.0K 1.0K
PLUG CALL SWEEP BEARISH 11/19/21 $30.00 $132.7K 6.2K 3.3K
PLUG CALL TRADE BEARISH 11/19/21 $30.00 $118.5K 6.2K 1.9K
PLUG CALL SWEEP BULLISH 11/19/21 $30.00 $107.1K 6.2K 3.0K
PLUG CALL SWEEP BEARISH 11/19/21 $30.00 $81.0K 6.2K 324

Where Is Plug Power Standing Right Now?

  • With a volume of 11,327,836, the price of PLUG is up 0.01% at $33.45.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 19 days.

What The Experts Say On Plug Power:

  • BMO Capital downgraded its action to Market Perform with a price target of $30.0
  • Piper Sandler upgraded its action to Overweight with a price target of $33.0
  • Morgan Stanley upgraded its action to Overweight with a price target of $40.0
  • RBC Capital has decided to maintain their Outperform rating on Plug Power, which currently sits at a price target of $40.0.
  • Morgan Stanley has decided to maintain their Overweight rating on Plug Power, which currently sits at a price target of $43.0.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.