This Little-Known Stock is a Cheap “Backdoor” Play on Tesla

The two companies don’t even do the same thing…

This story was originally published here.

To butcher that timeless tagline from Timex, 2020 has been the year when some stocks took a licking while others kept on ticking. But in the case of Plug Power (NASDAQ:PLUG), that terrific ticking is louder than a time bomb. In fact, PLUG stock has smashed the ceiling with so much force — it’s up more than 400% this year — you might find yourself tempted to skip “Should I buy?” and go straight to “How much should I buy?”

Yes, it’s been quite the bull run for a company virtually unknown when the year began. What’s more, it produces hydrogen fuel cell systems, not the kind of item to make you drop everything and head for the closest e-commerce site. But exciting for investors? Oh yeah, when you consider that this technology could replace conventional batteries in electric vehicles.

Now here’s where it gets…kinda weird. As fellow InvestorPlace writer Josh Enomoto has pointed out, PLUG stock has a fascinating correlation to shares in Tesla (NASDAQ:TSLA). I’ll let Josh explain, as this sort of stuff often escapes me: “From the beginning of this year, Plug and Tesla shares have recorded a 97% correlation coefficient.” By the way, that’s held true for the entire year, dipping just a hair these past few weeks to 96%.

But what does this mean? Since Tesla isn’t using Plug Power products, nor has announced any agreement to do so, you have to wonder. The math is irrefutable, but the correlation may at some level be irrational. For what is Wall Street if not the home of irrational exuberance…

Story continues here.

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