Plug Power (NASDAQ:PLUG) Shares Gap Up Following Insider Buying Activity

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $1.22, but opened at $1.42. Plug Power shares last traded at $1.40, with a volume of 97,962,114 shares traded.

Specifically, insider Paul B. Middleton bought 650,000 shares of the business's stock in a transaction on Monday, June 9th. The shares were purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider now owns 2,558,064 shares of the company's stock, valued at $2,634,805.92. This represents a 34.07% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

PLUG has been the topic of a number of recent research reports. Truist Financial lowered their price objective on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Jefferies Financial Group decreased their target price 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, May 20th. Piper Sandler cut their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. BMO Capital Markets decreased their price objective on Plug Power from $1.60 to $1.40 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Finally, UBS Group lowered their target price on Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $1.83.

Plug Power Trading Up 12.9%

The company has a fifty day moving average price of $0.92 and a two-hundred day moving average price of $1.64. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of -0.67 and a beta of 2.17. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results 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 business had revenue of $133.67 million for the quarter, compared to analysts' expectations 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 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Large investors have recently made changes to their positions in the stock. Empowered Funds LLC acquired a new position in shares of Plug Power during the fourth quarter worth about $214,000. Savant Capital LLC bought a new position in shares of Plug Power during the fourth quarter worth about $31,000. Sovran Advisors LLC bought a new position in Plug Power during the 4th quarter worth approximately $127,000. Avidian Wealth Enterprises LLC bought a new stake in shares of Plug Power in the 4th quarter valued at approximately $35,000. Finally, Compagnie Lombard Odier SCmA lifted its stake in Plug Power by 12.8% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker's stock worth $104,000 after purchasing an additional 5,550 shares during the last quarter. Institutional investors and hedge funds 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.