Plug Power (NASDAQ:PLUG) Shares Gap Up After Insider Buying Activity

Plug Power Inc. (NASDAQ:PLUG)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $1.22, but opened at $1.42. Plug Power shares last traded at $1.40, with a volume of 97,962,114 shares.

Specifically, insider Paul B. Middleton purchased 650,000 shares of the business’s stock in a transaction on Monday, June 9th. The stock was acquired at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the purchase, the insider now directly owns 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent research reports. B. Riley cut their price objective 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. Truist Financial cut their price objective on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Wall Street Zen upgraded Plug Power to a “sell” rating in a research note on Tuesday, May 13th. Roth Capital reiterated a “buy” rating on shares of Plug Power in a research note on Tuesday, May 13th. Finally, Canaccord Genuity Group cut their target price on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a research report on Tuesday, May 13th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $1.83.

Plug Power Stock Up 4.9%

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.38 billion, a P/E ratio of -0.60 and a beta of 2.17. The business has a 50-day moving average price of $0.92 and a 200 day moving average price of $1.64.

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

Institutional Trading of Plug Power

A number of institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its position in Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock worth $33,000 after buying an additional 5,348 shares during the last quarter. Compagnie Lombard Odier SCmA lifted its position in Plug Power by 12.8% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock worth $104,000 after buying an additional 5,550 shares during the last quarter. 49 Wealth Management LLC lifted its position in Plug Power by 25.0% in the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock worth $62,000 after buying an additional 5,834 shares during the last quarter. Jones Financial Companies Lllp increased its stake 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 purchasing an additional 6,074 shares during the period. Finally, Avantax Planning Partners Inc. increased its stake in Plug Power by 54.0% in the fourth quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker’s stock worth $40,000 after purchasing an additional 6,561 shares during the period. 43.48% of the stock is currently owned by 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.