Plug Power Inc. (NASDAQ:PLUG) Insider Acquires $669,500.00 in Stock

Plug Power Inc. (NASDAQ:PLUG) insider Paul B. Middleton bought 650,000 shares of the firm’s stock in a transaction on Monday, June 9th. The shares were acquired at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the transaction, the insider now owns 2,558,064 shares in the company, valued at approximately $2,634,805.92. This represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Plug Power Stock Up 26.4%

Shares of PLUG traded up $0.26 on Monday, hitting $1.23. 88,082,700 shares of the stock traded hands, compared to its average volume of 65,585,678. Plug Power Inc. has a one year low of $0.69 and a one year high of $3.34. The company has a market capitalization of $1.32 billion, a PE ratio of -0.56 and a beta of 2.17. The business has a 50 day simple moving average of $0.92 and a 200 day simple moving average of $1.65. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last announced its quarterly 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. As a group, equities analysts forecast that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on PLUG shares. Susquehanna dropped their price objective on Plug Power from $1.80 to $1.25 and set a “neutral” rating for the company in a research report on Monday, April 14th. BMO Capital Markets cut their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. UBS Group lowered their target price 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. Morgan Stanley dropped their price target on Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a research note on Monday, May 19th. Finally, Wall Street Zen upgraded Plug Power to a “sell” rating in a research note on Tuesday, May 13th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $1.83.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of PLUG. Norges Bank bought a new position in Plug Power in the 4th quarter worth $146,465,000. Heights Capital Management Inc. purchased a new position in Plug Power during the 1st quarter valued at approximately $31,174,000. Point72 Asset Management L.P. purchased a new stake in shares of Plug Power during the 4th quarter worth approximately $10,370,000. Vanguard Group Inc. grew its holdings in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after purchasing an additional 4,491,114 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Plug Power in the fourth quarter worth $6,235,000. 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.