Insider Buying: Plug Power Inc. (NASDAQ:PLUG) CFO Purchases 350,000 Shares of Stock

Plug Power Inc. (NASDAQ:PLUG) CFO Paul B. Middleton bought 350,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $0.72 per share, for a total transaction of $252,000.00. Following the completion of the purchase, the chief financial officer now directly 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 filing with the Securities & Exchange Commission, which is accessible through this link.

Plug Power Stock Up 2.3%

Shares of Plug Power stock traded up $0.02 on Monday, reaching $0.79. The company’s stock had a trading volume of 130,567,604 shares, compared to its average volume of 82,162,367. Plug Power Inc. has a 52 week low of $0.69 and a 52 week high of $3.55. The firm’s fifty day simple moving average is $1.13 and its two-hundred day simple 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. The company has a market capitalization of $851.89 million, a price-to-earnings ratio of -0.37 and a beta of 2.19.

Plug Power (NASDAQ:PLUG) last posted its 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). The company 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%. Equities analysts anticipate that Plug Power Inc. will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arkadios Wealth Advisors lifted its holdings in Plug Power by 88.0% in the fourth quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker’s stock valued at $132,000 after acquiring an additional 29,062 shares during the period. ACT Wealth Management LLC boosted its holdings in shares of Plug Power by 71.4% in the fourth quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker’s stock worth $51,000 after buying an additional 10,000 shares during the last quarter. Sustainable Insight Capital Management LLC purchased a new position in shares of Plug Power in the fourth quarter worth approximately $79,000. PFG Investments LLC increased its holdings in Plug Power by 16.8% during the fourth quarter. PFG Investments LLC now owns 467,836 shares of the electronics maker’s stock valued at $996,000 after buying an additional 67,251 shares during the last quarter. Finally, Swedbank AB raised its position in Plug Power by 39.7% in the fourth quarter. Swedbank AB now owns 235,233 shares of the electronics maker’s stock worth $501,000 after acquiring an additional 66,844 shares during the period. Institutional investors own 43.48% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PLUG. Canaccord Genuity Group reduced their target price on Plug Power from $1.25 to $1.00 and set a “hold” rating on the stock in a research note on Tuesday, May 13th. Susquehanna dropped their target price on shares of Plug Power from $1.80 to $1.25 and set a “neutral” rating for the company in a research report on Monday, April 14th. Morgan Stanley reduced their price target on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a research report on Monday. UBS Group decreased their price target on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research note on Friday, March 21st. Finally, Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $1.91.

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.