March 20, 2019 / 3:57 PM / 2 months ago

BUZZ-Plug Power: Up after stock sale to top holder

** Plug Power shares rise ~4 pct and well outperforming peers after co’s registered direct stock offering

** Fuel cell maker sells 10 mln shares at $2.35 to Odey Asset Management for gross raise of $23.5 mln

** Offer price is 7 pct discount to PLUG’s last sale on Tues; deal size represents ~5 pct of PLUG’s shares outstanding

** Odey owned ~5.5 mln PLUG shares at end-Dec for 2.5 pct stake, making it #3 holder; but with share purchase Odey jumps ahead of BlackRock and Vanguard to #1 spot - Refinitiv data

** Other fuel cell makers’ stocks down: FuelCell Energy ~8 pct, U.S.-listed shares of Ballard Power Systems ~3 pct, Bloom Energy ~1 pct

** Short interest in PLUG was 40.5 mln shares as of Feb 28, highest since Sept 2017; represents ~19 pct of float and 16 days to cover (Refinitiv data)

** PLUG shares recently up 2.4 pct and have more than doubled YTD; BLDP has gained 33 pct and BE has risen 28 pct, while FCEL has dropped 44 pct so far in 2019

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