Plug Power Inc Short Interest Declines By 4.7 Percent

It would take short sellers 7.3 days to cover their short positions

Plug Power shares have fallen more than 44% in the past three months. The stock witnessed a large decline in short interest last month. According to data from Nasdaq, short interest in Plug Power stock plunged 4.7% from 33.018 million shares on December 31 to 31.45 million on January 15. The average daily trading volume has also come down from 5 million to 4.32 million shares in the same period.

18.8% of Plug Power’s float is sold short

Based on the daily trading volume of 4.32 million shares, it would take short sellers 7.3 days to cover their bearish positions. Currently, 18.8% of Plug Power’s total outstanding shares are held short. Last week, the Latham, New York-based company dramatically slashed its FY2015 revenue forecast. Plug Power CEO Andy Marsh said that the company’s revised guidance was something “people could rely on.”

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Plug Power has historically over-promised and under-delivered in terms of sales again and again. Andy Marsh had previously said that the company would reach $130 million in revenue this year. But he reduced the guidance to a little over $100 million at a conference call on January 28. Marsh forecasts $200 million in bookings this year.

Plug Power expects GenDrive margins to improve to 29%

The company’s new guidance was much lower than the Wall Street consensus of $123.7 million. Plug Power’s sales have increased consistently over the past few months. Analysts believe approximately 50% of the company’s revenue this year will come from GenDrive. Andy Marsh said at the conference call last week that he expected the GenDrive margins to increase from 12% in Q3, 2014 to 29% by Q4, 2015.

Plug Power is yet to release its fiscal fourth-quarter 2014 results. Analysts expect the company to report 4 cents a share in losses on revenue of $26.67 million in December quarter. The company had suffered a loss of 8 cents on $8.03 million in revenue in the corresponding period a year ago. Recently, Plug Power signed a $20 million contract with SouthernLINC Wireless, which is expected to boost its 2015 revenue.

Plug Power shares jumped 3.60% to $2.88 at 10:4 AM EST on Tuesday.