Plug Power (NASDAQ:PLUG) Stock: Insider Benjamin Haycraft Sells 9,375 Shares

Plug Power, Inc. (NASDAQ:PLUG) insider Benjamin Haycraft sold 9,375 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $1.41, for a total value of $13,218.75. Following the sale, the insider owned 91,874 shares in the company, valued at approximately $129,542.34. This represents a 9.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 18th, Benjamin Haycraft sold 200,000 shares of Plug Power stock. The shares were sold at an average price of $2.14, for a total value of $428,000.00.
• On Tuesday, September 15th, Benjamin Haycraft sold 18,750 shares of Plug Power stock. The shares were sold at an average price of $2.06, for a total transaction of $38,625.00.
• 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 Price Performance

Shares of PLUG opened at $1.40 on Wednesday. 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 company’s fifty day simple moving average is $2.00 and its 200 day simple moving average is $2.55. Plug Power, Inc. has a 1-year low of $1.34 and a 1-year high of $4.33. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -1.11 and a beta of 2.28.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The firm had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $169.11 million. The company’s quarterly revenue was up 2.5% on a year-over-year basis. On average, research analysts forecast that Plug Power, Inc. will post -0.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PLUG shares. Roth Capital reaffirmed a “buy” rating and issued a $5.00 target price (up from $3.50) on shares of Plug Power in a report on Wednesday, August 12th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Plug Power in a report on Tuesday, September 29th. Susquehanna reduced their price target on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a report on Wednesday, October 14th. Weiss Ratings downgraded Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Finally, Oppenheimer restated a “market perform” rating on shares of Plug Power in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $3.40.

Hedge Funds Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. raised its position in shares of Plug Power by 12.8% in the third quarter. Pinnacle Associates Ltd. now owns 2,318,839 shares of the electronics maker’s stock valued at $4,499,000 after purchasing an additional 263,460 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Plug Power during the 3rd quarter worth about $49,000. Envestnet Asset Management Inc. lifted its stake in shares of Plug Power by 45.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 27,568 shares of the electronics maker’s stock worth $75,000 after buying an additional 8,642 shares during the last quarter. State Street Corp boosted its holdings in shares of Plug Power by 6.1% during the 2nd quarter. State Street Corp now owns 38,763,529 shares of the electronics maker’s stock worth $105,049,000 after buying an additional 2,214,427 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Plug Power by 9.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 702,003 shares of the electronics maker’s stock worth $1,902,000 after buying an additional 63,074 shares during the period. 43.48% of the stock is owned by institutional investors.

Plug Power Company Profile

Plug Power Inc is a clean-energy technology company that develops hydrogen and fuel-cell solutions for commercial and industrial customers. Founded in 1997 and headquartered in Latham, New York, the company focuses on replacing conventional batteries and fossil-fuel-powered equipment with hydrogen-based power systems.

Its product portfolio includes fuel-cell systems for material-handling equipment, backup and stationary power, and commercial vehicles; hydrogen engines and fuel-cell stacks; electrolyzers that produce hydrogen from water; and hydrogen generation, storage, and delivery infrastructure.