Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) rose 9.4% during mid-day trading on Tuesday following insider buying activity. The company traded as high as $1.53 and last traded at $1.34. Approximately 117,054,251 shares traded hands during trading, an increase of 77% from the average daily volume of 66,006,774 shares. The stock had previously closed at $1.22.
Specifically, insider Paul B. Middleton acquired 650,000 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was bought at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider now directly owns 2,558,064 shares in the company, valued at $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Analysts Set New Price Targets
A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price objective on shares of Plug Power in a research note on Monday, March 24th. Jefferies Financial Group lowered their price objective on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research note on Tuesday, May 20th. Truist Financial lowered their price objective 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. Susquehanna lowered their price objective on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $1.83.
View Our Latest Research Report on PLUG
Plug Power Stock Up 7.8%
The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -0.64 and a beta of 2.17. The business's 50 day moving average price is $0.93 and its 200 day moving average price is $1.64. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.
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 firm had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. On average, equities analysts forecast that Plug Power Inc. will post -1.21 EPS for the current year.
Institutional Investors Weigh In On Plug Power
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Plug Power in the 4th quarter valued at $146,465,000. Heights Capital Management Inc. acquired a new stake in Plug Power in the 1st quarter valued at $31,174,000. Point72 Asset Management L.P. acquired a new stake in Plug Power in the 4th quarter valued at $10,370,000. Vanguard Group Inc. grew its stake in Plug Power by 5.4% in the 4th 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 during the period. Finally, Renaissance Technologies LLC acquired a new stake in Plug Power in the 4th quarter valued at $6,235,000. Institutional investors and hedge funds own 43.48% of the company's stock.
About Plug Power
(
Get Free Report)
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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