Plug Power (NASDAQ:PLUG) Sees Unusually-High Trading Volume Following Insider Buying Activity

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares saw unusually-high trading volume on Tuesday after an insider bought additional shares in the company. Approximately 74,465,834 shares traded hands during mid-day trading, an increase of 25% from the previous session's volume of 59,400,351 shares.The stock last traded at $0.83 and had previously closed at $0.79.

Specifically, CFO Paul B. Middleton bought 350,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the purchase, the chief financial officer now directly owns 1,908,064 shares in the company, valued at approximately $1,373,806.08. This trade represents a 22.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

PLUG has been the subject of several recent research reports. Canaccord Genuity Group cut their target price on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research note on Tuesday, May 13th. Truist Financial cut their target price on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a research note on Wednesday, March 5th. UBS Group cut their target price on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research note on Friday, March 21st. Seaport Res Ptn lowered shares of Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Finally, Jefferies Financial Group reduced their price target on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research report on Tuesday. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $1.83.

Plug Power Trading Down 2.5%

The stock has a market cap of $841.11 million, a price-to-earnings ratio of -0.36 and a beta of 2.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company's 50 day simple moving average is $1.04 and its two-hundred day simple moving average is $1.73.

Plug Power (NASDAQ:PLUG - Get Free Report) last released 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%. Research analysts expect that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Focus Partners Wealth acquired a new position in shares of Plug Power during the 1st quarter worth $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Plug Power by 12.9% during 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 last quarter. Advisors Asset Management Inc. increased its stake in shares of Plug Power by 27.1% during the 1st quarter. Advisors Asset Management Inc. now owns 258,801 shares of the electronics maker's stock worth $349,000 after purchasing an additional 55,145 shares during the last quarter. Amundi increased its stake in shares of Plug Power by 1.7% during the 1st quarter. Amundi now owns 3,378,109 shares of the electronics maker's stock worth $4,560,000 after purchasing an additional 55,144 shares during the last quarter. Finally, Heights Capital Management Inc. acquired a new position in shares of Plug Power during the 1st quarter worth $31,174,000. Institutional investors and hedge funds own 43.48% of the company's stock.

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.