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Why Plug Power Inc (PLUG) Dipped 12%

Plug Power Inc (NASDAQ:PLUG) shares fell 12% on Wednesday after Tech Opportunities LLC exercised warrants to purchase 10,501,500 shares at a price of $1.5 a piece. In addition, Plug issued Tech Opportunities warrants to buy another 5.25 million shares at an exercise price of $2.69 per share. Given Wednesday’s exercise, Plug sentiment has dampened due to the fear that Tech Opportunities might decide to sell some shares to lock in a profit. The selling could affect the demand supply equation surrounding Plug temporarily. Given Plug’s substantial rally after it won a major deal from e-commerce giant Amazon, profit taking could also have played a part in today’s drop. Even with the 12% decline, Plug shares are up 93% year-to-date, far outpacing the NASDAQ’s 8.4% advance.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

According to our data, 4 elite funds had a bullish position in Plug Power Inc (NASDAQ:PLUG) at the end of the fourth quarter, up 2 funds from the previous quarter. Among the bulls was Sander Gerber‘s Hudson Bay Capital Management, which established a new position of 10.22 million shares at the end of December.

The Bottom Line

Plug Power Inc (NASDAQ:PLUG) shares fell on Wednesday due to Tech Opportunities exercising its warrants to buy Plug stock. For more reading, check out ‘electric vehicles with the longest range‘.

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