Plug Power (NASDAQ:PLUG) Trading 9.4% Higher on Insider Buying Activity

Plug Power Inc. (NASDAQ:PLUG)’s stock price rose 9.4% during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $1.53 and last traded at $1.34. Approximately 117,054,251 shares traded hands during mid-day trading, an increase of 77% from the average daily volume of 66,006,774 shares. The stock had previously closed at $1.22.

Specifically, insider Paul B. Middleton bought 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the purchase, the insider now directly owns 2,558,064 shares in the company, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of research reports. UBS Group lowered their price target on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a report on Friday, March 21st. Wells Fargo & Company cut their price target on shares of Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 14th. Jefferies Financial Group decreased their price objective on shares of Plug Power from $1.70 to $0.90 and set a “hold” rating on the stock in a research report on Tuesday, May 20th. Wall Street Zen raised shares of Plug Power to a “sell” rating in a research note on Tuesday, May 13th. Finally, HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of Plug Power in a research note on Monday, March 24th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $1.83.

Plug Power Stock Performance

The stock has a 50-day moving average price of $0.93 and a 200 day moving average price of $1.64. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -0.64 and a beta of 2.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. As a group, analysts anticipate that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently modified their holdings of the business. Focus Partners Wealth bought a new stake in Plug Power during the first quarter valued at $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Plug Power by 12.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock worth $3,520,000 after purchasing an additional 297,754 shares during the period. Advisors Asset Management Inc. raised its holdings in Plug Power by 27.1% during the first quarter. Advisors Asset Management Inc. now owns 258,801 shares of the electronics maker’s stock valued at $349,000 after acquiring an additional 55,145 shares during the period. Amundi raised its holdings in Plug Power by 1.7% during the first quarter. Amundi now owns 3,378,109 shares of the electronics maker’s stock valued at $4,560,000 after acquiring an additional 55,144 shares during the period. Finally, Heights Capital Management Inc. bought a new stake in shares of Plug Power in the first quarter worth about $31,174,000. 43.48% of the stock is owned by institutional investors.

Plug Power Company Profile

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.