Insider Selling: Plug Power (NASDAQ:PLUG) Insider Sells 40,000 Shares of Stock

Plug Power, Inc. (NASDAQ:PLUG) insider Benjamin Haycraft sold 40,000 shares of Plug Power stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $2.17, for a total value of $86,800.00. Following the transaction, the insider owned 333,809 shares of the company’s stock, valued at $724,365.53. This represents a 10.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Wednesday, December 10th, Benjamin Haycraft sold 40,000 shares of Plug Power stock. The stock was sold at an average price of $2.20, for a total value of $88,000.00.
• On Monday, November 10th, Benjamin Haycraft sold 10,000 shares of Plug Power stock. The stock was sold at an average price of $2.92, for a total value of $29,200.00.

Plug Power Price Performance

Shares of PLUG traded up $0.07 during trading hours on Wednesday, reaching $2.35. 81,169,926 shares of the company traded hands, compared to its average volume of 98,136,375. The stock has a market capitalization of $3.27 billion, a PE ratio of -0.99 and a beta of 1.68. The stock has a fifty day simple moving average of $2.20 and a 200 day simple moving average of $2.14. Plug Power, Inc. has a fifty-two week low of $0.69 and a fifty-two week high of $4.58. 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 (NASDAQ:PLUG) last released its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The company had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. As a group, research analysts predict that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently added to or reduced their stakes in PLUG. Two Sigma Investments LP boosted its position in Plug Power by 292.1% in the 3rd quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock valued at $25,236,000 after buying an additional 8,068,713 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Plug Power by 7.6% in the third quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock valued at $255,442,000 after purchasing an additional 7,789,039 shares during the last quarter. Legal & General Group Plc grew its stake in Plug Power by 59.9% during the 2nd 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 in the last quarter. Electron Capital Partners LLC purchased a new stake in Plug Power during the 3rd quarter worth approximately $10,663,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Plug Power by 365,934.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock worth $5,656,000 after purchasing an additional 3,794,740 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Plug Power in a report on Monday, November 24th. Clear Str raised shares of Plug Power from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. Canaccord Genuity Group set a $7.00 price target on shares of Plug Power in a report on Monday, November 24th. HSBC set a $4.40 target price on Plug Power in a report on Thursday, October 9th. Finally, Susquehanna cut their price objective on Plug Power from $3.50 to $2.50 and set a “neutral” rating on the stock in a report on Monday, November 17th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.73.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.