Plug Power (NASDAQ:PLUG) Stock Moves Back To Multi-Month High On Solid Momentum
Fuel cell company Plug Power (NASDAQ:PLUG) has been in sharp focus among investors for quite some time and its stock has also emerged as a major gainer during the period.
Market Stats
On Monday, PLUG stock fell 3.91% at $42.81 with more than 25.37 million shares, compared to its average volume of 22.52 million shares. The stock has moved within a range of $42.22 – 46.50 after opening trading at $45.35.
Latest News
Over the course of the past month, the Plug Power stock has performed strongly and managed to deliver gains of as much as 22%. The rally in the stock continued on Monday but at the same time it should be noted that there was no news with regards to the company’s business that had led to the gains yesterday. In this context, it should be pointed out that this past weekend, banking giant Citibank had recommended a ‘pair trade’ involving Ballard Power and Plug Power.
The bank recommended that investors could considering selling the Ballard Power stock and then use that same money for buying shares in Plug Power. That was possibly the reason behind the rally in the Plug Power stock on Monday. However, in this context, is should be pointed out that the Ballard Power stocks had also rallied strongly yesterday and in fact, ended up with higher gains than Plug Power. At this point in time, it might be a good idea to add Plug Power to your watch lists.
Traders Corner
PLUG stock is trading above the 20-Day and 50-Day Moving averages of $40 and $33.10 respectively. Moreover, the stock is trading above the 200-Day moving average of $32.49. The stock is up 31% in the past month.
