Plug Power (NASDAQ:PLUG) Trading Up 5.7% Following Insider Buying Activity

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 5.7% on Tuesday after an insider bought additional shares in the company. The company traded as high as $0.85 and last traded at $0.83. 74,465,834 shares were traded during trading, an increase of 25% from the average session volume of 59,402,084 shares. The stock had previously closed at $0.79.

Specifically, CFO Paul B. Middleton acquired 350,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 1,908,064 shares of the company’s stock, valued at $1,373,806.08. The trade was a 22.46% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group dropped their target price on shares of Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a report on Tuesday, May 13th. UBS Group dropped their price objective on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a report on Friday, March 21st. Morgan Stanley cut their price objective on Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a research report on Monday. BMO Capital Markets decreased their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Finally, B. Riley dropped their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $1.83.

Plug Power Price Performance

The firm has a market cap of $889.63 million, a PE ratio of -0.39 and a beta of 2.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a 50-day simple moving average of $1.09 and a 200 day simple moving average of $1.76.

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 the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. As a group, equities analysts expect that Plug Power Inc. will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Large investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. purchased a new stake in shares of Plug Power in the 4th quarter worth approximately $25,000. Pacific Sage Partners LLC purchased a new position in Plug Power during the fourth quarter valued at $25,000. Jones Financial Companies Lllp boosted its holdings 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 worth $25,000 after acquiring an additional 6,074 shares in the last quarter. Callan Family Office LLC purchased a new stake in shares of Plug Power in the fourth quarter worth $27,000. Finally, Ground Swell Capital LLC purchased a new stake in shares of Plug Power in the fourth quarter worth $27,000. 43.48% of the stock is currently 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.