Insider Buying: Plug Power Inc. (NASDAQ:PLUG) Insider Buys 650,000 Shares of Stock

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) insider Paul B. Middleton bought 650,000 shares of the business's stock in a transaction on Monday, June 9th. The shares were bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the acquisition, the insider now directly owns 2,558,064 shares in the company, valued at approximately $2,634,805.92. This trade 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 this link.

Plug Power Stock Down 5.8%

PLUG stock traded down $0.08 during trading on Thursday, reaching $1.30. 92,483,079 shares of the stock were exchanged, compared to its average volume of 67,238,236. The firm's 50 day moving average is $0.93 and its 200 day moving average is $1.63. Plug Power Inc. has a twelve month low of $0.69 and a twelve month high of $3.34. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.40 billion, a P/E ratio of -0.61 and a beta of 2.17.

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

Wall Street Analyst Weigh In

Several research analysts have commented on PLUG shares. Wall Street Zen raised Plug Power to a "sell" rating in a report on Tuesday, May 13th. HC Wainwright reissued a "buy" rating and issued a $3.00 price objective on shares of Plug Power in a research note on Monday, March 24th. UBS Group dropped their price objective on Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research note on Friday, March 21st. Canaccord Genuity Group dropped their price objective on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research note on Tuesday, May 13th. Finally, B. Riley dropped their price objective on Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $1.83.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Norges Bank bought a new stake in Plug Power during the 4th quarter worth approximately $146,465,000. Heights Capital Management Inc. bought a new position in shares of Plug Power in the first quarter valued at approximately $31,174,000. Point72 Asset Management L.P. bought a new position in shares of Plug Power in the fourth quarter valued at approximately $10,370,000. Vanguard Group Inc. grew its holdings in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after acquiring an additional 4,491,114 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Plug Power in the fourth quarter valued at approximately $6,235,000. 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.