Plug Power (NASDAQ:PLUG) Stock Price Down 4.3% Following Insider Selling

Plug Power, Inc. (NASDAQ:PLUG) shares traded down 4.3% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $2.21 and last traded at $2.22. 92,916,393 shares traded hands during trading, a decline of 4% from the average session volume of 96,893,813 shares. The stock had previously closed at $2.32.

Specifically, insider Benjamin Haycraft sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total value of $88,000.00. Following the completion of the transaction, the insider directly owned 373,809 shares in the company, valued at approximately $822,379.80. This trade represents a 9.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Haycraft sold 10,000 shares of the company’s stock in a transaction on Friday, October 10th. The stock was sold at an average price of $3.80, for a total transaction of $38,000.00. Following the completion of the transaction, the insider directly owned 457,583 shares in the company, valued at approximately $1,738,815.40. The trade was a 2.14% decrease in their position. The SEC filing for this sale provides additional information.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wall Street Zen downgraded Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, November 16th. Hsbc Global Res raised shares of Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. Susquehanna dropped their target price on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a research report on Monday, November 17th. Canaccord Genuity Group set a $7.00 price target on shares of Plug Power in a report on Monday, November 24th. Finally, HSBC set a $4.40 price objective on shares of Plug Power in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.80.

Plug Power Price Performance

The firm has a market capitalization of $3.09 billion, a P/E ratio of -0.94 and a beta of 1.74. The company has a quick ratio of 0.70, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $2.68 and its 200 day simple moving average is $1.98.

Plug Power (NASDAQ:PLUG) last released its earnings results on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.01. The company had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. Sell-side analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kovack Advisors Inc. purchased a new position in Plug Power in the 3rd quarter worth approximately $26,000. Sender Co & Partners Inc. bought a new position in shares of Plug Power in the second quarter worth approximately $26,000. Yousif Capital Management LLC purchased a new position in shares of Plug Power in the third quarter worth $27,000. Prakash Investment Advisors LLC bought a new stake in Plug Power during the 3rd quarter valued at $27,000. Finally, O ROURKE & COMPANY Inc purchased a new stake in Plug Power during the 2nd quarter valued at $30,000. 43.48% of the stock is currently owned by institutional investors.

Plug Power Company Profile

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.