Breakout Stocks: Plug Power Inc. (NASDAQ:PLUG) Up 53.73%, Affymax, Inc. (NASDAQ:AFFY) Up 37.39%
Northern, WI 05/08/2013 (GDPInsider) – Plug Power Inc. (NASDAQ:PLUG) is enjoying a stellar day in trading today after opening at 0.18. The stock is up a mammoth 53.73% on trading volume of 3.88 million shares. LPUG has a range of 0.17 and 0.23 and at these levels the stock is trading a 87.08% up on its 52-week low. PLUG is still 82.86% below its 52-week high though, a sign that any clear breakout will need to be consistent to better the stock’s high recorded last year.
Driving today’s gains is news that the alternative energy company has secured a $6 million strategic investment from its partner, Air Liquide. The investment includes a prefereerd stock purchase and an increased stake in Plug Power’s ‘HyPulsion joint venture with Air Liquide.
Plug Power’s core business is the supply of hydrogen fuel cells for heavy duty equipment like forklifts and has been enjoying solid growth in sales for its GenDrive fuel cells. With these gains PLUG should increase its trading values on its simple moving averages. PLUG is presently 26.98% above its SMA50 and 39.01% above its SMA20. The company has a market cap of $10.21 million and a target price of 0.60. RSI is very close to overbought at 69.86.
Is PLUG a solid investment at these levels? Get exclusive data and trends here.
Affymax, Inc. (NASDAQ:AFFY) has joined an elite breakout group today and is currently trading up 37.39%. The stock opened at 1.16 and has a range of 1.13 and 1.52. Volume is 22.8 million; more than triple the average volume of 7.3 million shares. The huge upswing today is some comfort for investors because the stock has been rather flat in the last month. AFFY is 56.64% above its 50-day simple moving average but down 6.25% below its 50-day simple moving average. The gains recorded today should carry the stock forward into greener territories and help take a dent over the AFFY’s 52-week decline.
Some analysts have tipped AFFY has a good reversal play for 2013 based on the notion that the company’s diabetes drug could yet make a comeback. At the time the FDA approved the drug the stock shot to a whopping 27.74 a share. Since the drop-off however, AFFY has languished below the 5.00 a share mark. Analysts have set a target price of 4.75 and with a RSI of 59.19, AFFY could move north again in the coming days.
How Should Investors Trade AFFY Now? Get exclusive insights and updates here.
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