Plug Power witnessed an unusually large amount of options trades on Wednesday. Investors acquired 5,220 put options in the company, which was an increase of 517% compared to the average daily volume of 846 put options.Plug Power Inc Sees Unusually Large Put Trades Volume

Analysts bullish on Plug Power

In a research note on March 24, an analyst at FBR & Co. lowered their price target on Plug Power from $8 to $6.50 while retaining a Buy rating. The price target has been lowered primarily because higher operating expenses are expected in fiscal year 2015. For the next two years, the analyst expects Plug Power’s operating expenses to come in above the consensus estimate.

The FBR Capital analyst notes strong order momentum for the company and believes existing customers will drive profitability in FY16 and beyond. The analyst also believes FY15 could be a transformational year for the tech firm as the company is working on many fronts such as updating its service network, improving the hydrogen infrastructure build and lowering costs. The research firm expect a robust FY15 on the back of new potential bookings along with “multiple new order catalysts on the horizon” for Plug Power.

Many other analysts have also released their verdicts on Plug Power in recent weeks. Analysts at Cowen and Company, in a research note on March 18, reiterated a Positive rating on the tech firm. Roth Capital reduced their price target on Plug Power from $4 to $2.60 and assigned a Neutral rating in a research note on March 18. Presently, Plug Power has a consensus target price of $5.14.

Rising workforce a positive sign

Much in contrast to the company’s stock price, which is down by over 55% in the last 12 months, its workforce increased 50% last year. Such a steep rise suggests that the company is optimistic going forward. By the end of 2014, the total workforce for Plug Power increased by 112 to 326 workers, according to Larry Rulison of the Albany Times Union. The total workforce includes 25 workers from the acquisition of ReliOn in April 2014. At the end of 2013, Plug Power employed 214 workers, while the number was 156 in December 2012.

On Wednesday, Plug Power closed down 2.7% at $2.52, and year to date, the stock is down by almost 20%.