Plug Power (NASDAQ:PLUG) Insider Sells 200,000 Shares of Stock

Plug Power, Inc. (NASDAQ:PLUG) insider Benjamin Haycraft sold 200,000 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $2.14, for a total transaction of $428,000.00. Following the sale, the insider owned 101,249 shares in the company, valued at $216,672.86. This trade represents a 66.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 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 shares were sold at an average price of $2.14, for a total transaction of $29,553.40.

Plug Power Price Performance

NASDAQ:PLUG traded up $0.02 during midday trading on Tuesday, hitting $2.11. 28,645,921 shares of the stock were exchanged, compared to its average volume of 74,311,352. Plug Power, Inc. has a one year low of $1.70 and a one year high of $4.58. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of -1.67 and a beta of 2.21. The business has a 50-day moving average price of $2.15 and a two-hundred day moving average price 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.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $169.11 million. The firm’s revenue was up 2.5% on a year-over-year basis. Sell-side analysts predict that Plug Power, Inc. will post -0.26 EPS for the current year.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of research analyst reports. Craig Hallum reaffirmed a “buy” rating on shares of Plug Power in a report on Tuesday, August 11th. Wall Street Zen downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. UBS Group restated a “buy” rating and set a $5.00 price objective on shares of Plug Power in a research report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Plug Power in a research note on Tuesday, August 11th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Plug Power in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Plug Power presently has an average rating of “Hold” and a consensus target price of $3.59.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp boosted its holdings in shares of Plug Power by 6.1% in the second 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. The Manufacturers Life Insurance Company lifted its position in shares of Plug Power by 9.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 702,003 shares of the electronics maker’s stock valued at $1,902,000 after acquiring an additional 63,074 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Plug Power by 79.9% in the 2nd quarter. Tidal Investments LLC now owns 187,591 shares of the electronics maker’s stock valued at $508,000 after acquiring an additional 83,314 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Plug Power in the 2nd quarter worth approximately $145,000. Finally, Baird Financial Group Inc. grew its position in Plug Power by 28.7% during the 2nd quarter. Baird Financial Group Inc. now owns 1,395,068 shares of the electronics maker’s stock worth $3,781,000 after purchasing an additional 310,821 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.