Insider Buying: Plug Power (NASDAQ:PLUG) Insider Acquires 37,300 Shares of Stock

Plug Power, Inc. (NASDAQ:PLUG) insider Jose Luis Crespo purchased 37,300 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were acquired at an average price of $2.34 per share, with a total value of $87,282.00. Following the purchase, the insider owned 307,332 shares in the company, valued at $719,156.88. This trade represents a 13.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Plug Power Stock Performance

Shares of NASDAQ PLUG traded down $0.13 during mid-day trading on Wednesday, hitting $2.16. 81,789,413 shares of the company were exchanged, compared to its average volume of 99,235,232. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of -0.91 and a beta of 1.74. The stock has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $2.00. The company has a quick ratio of 0.70, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. Plug Power, Inc. has a 1-year low of $0.69 and a 1-year high of $4.58.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.01. The company had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. On average, sell-side analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PLUG shares. Cowen reiterated a “buy” rating on shares of Plug Power in a report on Wednesday, November 19th. Canaccord Genuity Group set a $7.00 price objective on Plug Power in a report on Monday, November 24th. Hsbc Global Res upgraded Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. HSBC set a $4.40 price target on shares of Plug Power in a research note on Thursday, October 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Plug Power in a research note on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus target price of $2.80.

Institutional Trading of Plug Power

A number of institutional investors and hedge funds have recently modified their holdings of PLUG. Brave Asset Management Inc. raised its stake in Plug Power by 603.8% during the 2nd quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock valued at $209,000 after acquiring an additional 120,450 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Plug Power by 59.9% during the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock valued at $25,301,000 after purchasing an additional 6,364,483 shares during the period. Baader Bank Aktiengesellschaft increased its holdings in shares of Plug Power by 3,034.2% during the second quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock valued at $973,000 after purchasing an additional 632,117 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of Plug Power by 365,934.4% during the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock valued at $5,656,000 after purchasing an additional 3,794,740 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Plug Power by 14.9% in the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after purchasing an additional 3,125,542 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

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.