Checking In On Plug Power
On Wednesday of last week we noted bullish options activity amid a huge move to the upside in shares of Plug Power (Ticker: PLUG), which ended that session up 13% after the company reported it received a large order from Walmart (Ticker: WMT). Since then, shares in Plug Power have continued to run and are up again today, surging 25% to $5.83, the highest level since May of 2011.
Traders last week appeared to have purchased around 3,200 of the Jan ?15 $5.0 strike calls for a premium of $1.35 each. Today, these in the money call options are changing hands at $2.10 each just before 3:00 p.m. EST.
The double digit percentage move in the price of the underlying today, spurred in part by positive analyst comments out of Cowen & Co., spurred heavy trading in the front month call options on the stock. Bulls appear to be snapping up the Mar $5.5 and $6.0 strike calls, paying average premiums of $0.35 and $0.27 per contract, respectively, this afternoon.
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