Insider Selling: Plug Power (NASDAQ:PLUG) Insider Sells $29,553.40 in Stock

Plug Power, Inc. (NASDAQ:PLUG) insider Benjamin Haycraft sold 13,810 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $2.14, for a total transaction of $29,553.40. Following the completion of the sale, the insider owned 319,999 shares in the company, valued at approximately $684,797.86. This trade represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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.

Plug Power Price Performance

PLUG opened at $2.12 on Friday. The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29. Plug Power, Inc. has a 12 month low of $1.70 and a 12 month high of $4.58. The company has a fifty day simple moving average of $2.16 and a 200 day simple moving average of $2.62. The stock has a market cap of $2.96 billion, a P/E ratio of -1.68 and a beta of 2.21.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PLUG. BlackRock Inc. grew its holdings in 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. Handelsbanken Fonder AB raised its stake in Plug Power by 446.9% in the second 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. Renaissance Technologies LLC lifted its position in shares of Plug Power by 97.4% in the first 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 last quarter. Dimensional Fund Advisors LP lifted its position in shares of Plug Power by 241.2% in the first 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, Headlands Technologies LLC bought a new position in shares of Plug Power during the 2nd quarter worth approximately $4,779,000. 43.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Craig Hallum reiterated a “buy” rating on shares of Plug Power in a report on Tuesday, August 11th. Susquehanna lowered their target price on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a research note on Friday, July 10th. Oppenheimer restated a “market perform” rating on shares of Plug Power in a report on Tuesday, August 11th. Morgan Stanley upped their price target on shares of Plug Power from $1.50 to $1.65 and gave the company an “underweight” rating in a report on Thursday, July 9th. Finally, Weiss Ratings downgraded shares of Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.59.

Plug Power Company Profile

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.