Plug Power (NASDAQ:PLUG) Shares Down 8.8% on Insider Selling

Key Points

• Shares fell 8.8% after EVP Benjamin Haycraft sold 10,000 shares, coinciding with roughly a 20% jump in trading volume.
• Analyst outlook is mixed — the consensus rating is "Hold" with an average price target of $2.54, while individual targets range widely (about $1.50 to $7.00).
• Fundamentals remain weak — the most recent quarter slightly beat EPS estimates but missed revenue, and the company continues to report large negative margins and negative return on equity.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price fell 8.8% during trading on Thursday after an insider sold shares in the company. The company traded as low as $2.41 and last traded at $2.49. 115,471,746 shares changed hands during mid-day trading, an increase of 20% from the average session volume of 96,029,227 shares. The stock had previously closed at $2.73.

Specifically, EVP Benjamin Haycraft sold 10,000 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $2.92, for a total value of $29,200.00. Following the sale, the executive vice president directly owned 467,583 shares in the company, valued at $1,365,342.36. This trade represents a 2.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Analysts Set New Price Targets

PLUG has been the subject of several recent research reports. HC Wainwright boosted their price target on Plug Power from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Morgan Stanley restated an "underweight" rating and issued a $1.50 price target on shares of Plug Power in a research report on Thursday, October 16th. Canaccord Genuity Group lifted their price objective on Plug Power from $1.25 to $2.50 and gave the stock a "hold" rating in a research note on Tuesday. Wells Fargo & Company increased their price target on Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Finally, Susquehanna boosted their target price on shares of Plug Power from $1.80 to $3.50 and gave the company a "neutral" rating in a research report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $2.54.

Plug Power Trading Down 8.8%

The firm's 50-day simple moving average is $2.68 and its 200-day simple moving average is $1.77. The firm has a market capitalization of $2.88 billion, a P/E ratio of -1.08 and a beta of 2.28. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.01. The company had revenue of $177.06 million during the quarter, compared to analyst estimates of $185.41 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. Plug Power has set its FY 2025 guidance at EPS. Analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current year.

Institutional Trading of Plug Power

Hedge funds have recently modified their holdings of the business. Kovack Advisors Inc. purchased a new position in Plug Power during the 3rd quarter valued at about $26,000. Yousif Capital Management LLC purchased a new position in shares of Plug Power during the third quarter valued at approximately $27,000. Prakash Investment Advisors LLC bought a new stake in shares of Plug Power in the 3rd quarter worth approximately $27,000. Prime Capital Investment Advisors LLC bought a new stake in shares of Plug Power in the 3rd quarter worth approximately $30,000. Finally, Oak Thistle LLC purchased a new stake in shares of Plug Power in the 3rd quarter worth approximately $30,000. Institutional investors own 43.48% of the company's stock.

About Plug Power

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.

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