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Plug Power Inc (NASDAQ:PLUG) is trading marginally lower at around $1.85 Friday morning after a volatile week sparked by the fuel-cell maker's latest financing move. Earlier in the week the company unveiled a $375 million private offering of convertible senior notes due 2033, with an option for initial purchasers to buy an additional $56.25 million.
What To Know: Plug plans to use about $243 million of the proceeds to retire costly 15% secured debentures and repurchase a portion of its 7% 2026 convertible notes, while also bolstering working capital. The refinancing carries a 6.75% coupon and is unsecured, a shift that is expected to save roughly $20 million per year in interest and free up assets previously pledged as collateral.
JP Morgan analyst Bill Peterson reiterated a Neutral rating on the stock and removed his price forecast, calling the move a logical step in Plug's de-leveraging effort but highlighting dilution risk if shares move above $3, when noteholders can convert. Plug reiterated 2025 and 2026 guidance that targets margin expansion and positive EBITDA by year-end 2026.
Shares sit about 8% lower over the past five sessions and trade well below the 52-week high of $4.58.
Benzinga Edge Rankings: Benzinga Edge stock rankings, which provide four key scores to help identify the strongest and weakest stocks to buy and sell, show Plug Power with a robust Momentum Score of 92.18 but a weak Growth Score of 14.03, while its short-, medium- and long-term price trends all remain negative.
Read Also: ‘Why Are Stocks Falling?’: Top Analyst Issues Bombshell Warning As Volatility Hits Wall Street
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.
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.
Posted In: PLUG
