Plug Power (NASDAQ:PLUG) Shares Up 9.4% on Insider Buying Activity

Plug Power Inc. (NASDAQ:PLUG)’s stock price rose 9.4% during trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $1.53 and last traded at $1.34. Approximately 117,054,251 shares changed hands during mid-day trading, an increase of 77% from the average daily volume of 66,006,774 shares. The stock had previously closed at $1.22.

Specifically, insider Paul B. Middleton purchased 650,000 shares of Plug Power 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 completion of the acquisition, the insider now owns 2,558,064 shares of the company’s stock, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Canaccord Genuity Group cut their price target on Plug Power from $1.25 to $1.00 and set a “hold” rating on the stock in a report on Tuesday, May 13th. Roth Capital reissued a “buy” rating on shares of Plug Power in a research report on Tuesday, May 13th. Truist Financial lowered their price objective on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Piper Sandler reduced their price objective on shares of Plug Power from $1.10 to $0.80 and set an “underweight” rating for the company in a report on Wednesday, May 14th. Finally, Susquehanna lowered their target price on shares of Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a report on Monday, April 14th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average price target of $1.83.

Plug Power Stock Up 9.4%

The stock’s 50-day moving average price is $0.92 and its two-hundred day moving average price is $1.64. 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 $1.44 billion, a P/E ratio of -0.62 and a beta of 2.17.

Plug Power (NASDAQ:PLUG) last released its earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (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 firm had revenue of $133.67 million during the quarter, compared to analysts’ expectations of $130.92 million. As a group, research analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of the business. Oppenheimer & Co. Inc. bought a new stake in Plug Power during the 4th quarter valued at $25,000. Jones Financial Companies Lllp lifted its holdings in Plug Power by 107.4% during the 4th 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 in the last quarter. Callan Family Office LLC bought a new position in Plug Power in the 4th quarter worth about $27,000. Ground Swell Capital LLC purchased a new position in shares of Plug Power during the 4th quarter valued at $27,000. Finally, Savant Capital LLC bought a new stake in Plug Power during the fourth quarter valued at $31,000. Institutional investors own 43.48% of the company’s stock.

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.