Plug Power (NASDAQ:PLUG) Trading 2.5% Higher Following Insider Buying Activity

Plug Power Inc. (NASDAQ:PLUG) shares traded up 2.5% during trading on Monday following insider buying activity. The stock traded as high as $0.83 and last traded at $0.79. 105,306,538 shares were traded during trading, an increase of 79% from the average session volume of 58,834,955 shares. The stock had previously closed at $0.77.

Specifically, CFO Paul B. Middleton bought 350,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $0.72 per share, for a total transaction of $252,000.00. Following the acquisition, the chief financial officer now owns 1,908,064 shares in the company, valued at approximately $1,373,806.08. This represents a 22.46% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several research firms have issued reports on PLUG. Morgan Stanley lowered their target price on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a research note on Monday. Roth Capital reiterated a “buy” rating on shares of Plug Power in a research note on Tuesday, May 13th. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research note on Tuesday, May 13th. Truist Financial reduced their target price on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, March 5th. Finally, Wells Fargo & Company reduced their target price on shares of Plug Power from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $1.91.

Plug Power Stock Performance

The stock has a market capitalization of $850.60 million, a PE ratio of -0.37 and a beta of 2.19. The business’s fifty day moving average is $1.13 and its two-hundred day moving average is $1.77. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The company had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. As a group, research analysts anticipate that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Institutional Trading of Plug Power

Large investors have recently made changes to their positions in the stock. Pacific Sage Partners LLC bought a new position in Plug Power in the fourth quarter worth about $25,000. Oppenheimer & Co. Inc. purchased a new stake in Plug Power in the fourth quarter valued at approximately $25,000. Jones Financial Companies Lllp boosted its position in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after buying an additional 6,074 shares during the last quarter. Miracle Mile Advisors LLC acquired a new position in Plug Power in the first quarter valued at approximately $26,000. Finally, Callan Family Office LLC acquired a new position in Plug Power in the fourth quarter valued at approximately $27,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.