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

Key Points

• Plug Power insider Benjamin Haycraft sold 13,810 shares at an average price of $2.14, generating $29,553.40 in proceeds and reducing his stake by 4.14%. The transaction was made under a pre-arranged Rule 10b5-1 trading plan.
• Plug Power shares fell 0.5% to $2.05, well below their 50-day and 200-day moving averages. The company remains unprofitable, although quarterly revenue rose 2.5% year over year to $178.3 million and earnings beat analyst expectations.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $3.59 price target. Institutional investors own 43.48% of the company, with BlackRock and other major firms recently increasing their positions.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) insider Benjamin Haycraft sold 13,810 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $2.14, for a total transaction of $29,553.40. Following the completion of the transaction, the insider owned 319,999 shares in the company, valued at $684,797.86. The trade was a 4.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 stock was sold at an average price of $2.06, for a total transaction of $38,625.00.

Plug Power Trading Down 0.5%

Shares of Plug Power stock traded down $0.01 during trading hours on Tuesday, hitting $2.05. The company's stock had a trading volume of 42,982,659 shares, compared to its average volume of 75,134,359. The business has a fifty day moving average of $2.18 and a 200 day moving average of $2.62. Plug Power, Inc. has a 1-year low of $1.55 and a 1-year 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 company has a market capitalization of $2.86 billion, a PE ratio of -1.63 and a beta of 2.21.

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

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in Plug Power by 21.0% during the 2nd quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker's stock worth $498,728,000 after buying an additional 31,939,194 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Plug Power by 446.9% during the second quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker's stock worth $51,529,000 after purchasing an additional 15,537,320 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Plug Power by 97.4% in the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker's stock worth $62,689,000 after purchasing an additional 13,685,900 shares during the period. Dimensional Fund Advisors LP increased its stake in Plug Power by 241.2% during 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 purchasing an additional 12,820,616 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Plug Power during the second quarter worth $4,779,000. Institutional investors and hedge funds own 43.48% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Jefferies Financial Group upgraded Plug Power to a "hold" rating in a report on Thursday, September 3rd. Craig Hallum reiterated a "buy" rating on shares of Plug Power in a research note on Tuesday, August 11th. Wells Fargo & Company upped their target price on shares of Plug Power from $2.00 to $2.50 and gave the company an "equal weight" rating in a research note on Tuesday, May 19th. UBS Group reaffirmed a "buy" rating and set a $5.00 price target on shares of Plug Power in a report on Tuesday, August 11th. Finally, Wall Street Zen downgraded shares of Plug Power from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $3.59.

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.

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