Plug Power (NASDAQ:PLUG) Insider Sells $428,000.00 in 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 value of $428,000.00. Following the completion of the transaction, the insider owned 101,249 shares in the company, valued at approximately $216,672.86. This trade represents a 66.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 value 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 value of $29,553.40.

Plug Power Stock Up 1.0%

Shares of Plug Power stock traded up $0.02 on Tuesday, hitting $2.11. 28,645,921 shares of the company’s stock traded hands, compared to its average volume of 74,311,352. Plug Power, Inc. has a 52-week low of $1.70 and a 52-week high of $4.58. The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29. The stock has a market cap of $2.95 billion, a P/E ratio of -1.67 and a beta of 2.21. The firm’s 50-day moving average is $2.15 and its 200 day moving average is $2.62.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. BlackRock Inc. grew its position in shares of 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 acquiring an additional 31,939,194 shares during the last quarter. State Street Corp raised its holdings in shares of Plug Power by 6.1% during the second quarter. State Street Corp now owns 38,763,529 shares of the electronics maker’s stock valued at $105,049,000 after buying an additional 2,214,427 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Plug Power by 97.4% in the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after buying an additional 13,685,900 shares in the last quarter. Handelsbanken Fonder AB increased its position in Plug Power by 446.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock valued at $51,529,000 after acquiring an additional 15,537,320 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after acquiring an additional 12,820,616 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Susquehanna lowered their price objective on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a report on Friday, July 10th. Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Craig Hallum restated a “buy” rating on shares of Plug Power in a research note on Tuesday, August 11th. Roth Capital reaffirmed a “buy” rating and issued a $5.00 price objective (up from $3.50) on shares of Plug Power in a report on Wednesday, August 12th. Finally, UBS Group reiterated a “buy” rating and set a $5.00 target price on shares of Plug Power in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average 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.