Plug Power (NASDAQ:PLUG) Insider Benjamin Haycraft Sells 18,750 Shares

Plug Power, Inc. (NASDAQ:PLUG) insider Benjamin Haycraft sold 18,750 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $2.06, for a total transaction of $38,625.00. Following the sale, the insider directly owned 301,249 shares of the company’s stock, valued at approximately $620,572.94. The trade was a 5.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Benjamin Haycraft also recently made the following trade(s):

• On Friday, September 11th, Benjamin Haycraft sold 13,810 shares of Plug Power stock. The stock was sold at an average price of $2.14, for a total transaction of $29,553.40.

Plug Power Stock Down 0.5%

NASDAQ:PLUG traded down $0.01 on Tuesday, reaching $2.05. The stock had a trading volume of 42,982,659 shares, compared to its average volume of 75,134,359. The company has a 50-day moving average of $2.18 and a 200 day moving average of $2.62. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. The stock has a market cap of $2.86 billion, a P/E ratio of -1.63 and a beta of 2.21. Plug Power, Inc. has a 12-month low of $1.55 and a 12-month high of $4.58.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $178.30 million for the quarter, compared to analysts’ expectations of $169.11 million. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The business’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, research analysts predict that Plug Power, Inc. will post -0.26 earnings per share for the current year.

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of Plug Power by 21.0% during the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock worth $498,728,000 after purchasing an additional 31,939,194 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Plug Power by 97.4% in the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock valued at $62,689,000 after buying an additional 13,685,900 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Plug Power by 446.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock valued at $51,529,000 after buying an additional 15,537,320 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after buying an additional 12,820,616 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Plug Power by 5.6% during the second quarter. Van ECK Associates Corp now owns 5,548,968 shares of the electronics maker’s stock worth $15,038,000 after acquiring an additional 293,529 shares during the period. Institutional investors own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Plug Power to a “hold” rating in a research note on Thursday, September 3rd. Wells Fargo & Company raised their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Craig Hallum reissued a “buy” rating on shares of Plug Power in a research report on Tuesday, August 11th. Oppenheimer restated a “market perform” rating on shares of Plug Power in a research note on Tuesday, August 11th. Finally, Susquehanna reduced their price target on shares of Plug Power from $3.75 to $2.50 and set a “neutral” rating on the stock in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.59.

About Plug Power

Plug Power Inc is a hydrogen and fuel cell technology company that develops integrated solutions for generating, storing, distributing and using hydrogen. The company serves commercial and industrial customers seeking alternatives to conventional power sources and fossil fuels.

Its product portfolio includes electrolyzers for producing hydrogen from water, hydrogen-generation and storage systems, fuel cell engines, and stationary power systems. Plug Power also provides hydrogen-fueled material-handling equipment, including systems used to power forklifts and other warehouse vehicles, along with related infrastructure, service and maintenance offerings.

Founded in 1997 and headquartered in Latham, New York, Plug Power has focused on expanding hydrogen applications across logistics, material handling, backup and distributed power, transportation, and industrial markets.