Plug Power (NASDAQ:PLUG) Trading Up 5.7% Following Insider Buying Activity

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) rose 5.7% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $0.85 and last traded at $0.83. Approximately 74,465,834 shares were traded during mid-day trading, an increase of 25% from the average daily volume of 59,402,084 shares. The stock had previously closed at $0.79.

Specifically, CFO Paul B. Middleton bought 350,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,908,064 shares in the company, valued at approximately $1,373,806.08. The trade was a 22.46% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of recent research reports. Piper Sandler dropped their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a report on Wednesday, May 14th. HC Wainwright reiterated a "buy" rating and issued a $3.00 target price on shares of Plug Power in a research note on Monday, March 24th. Jefferies Financial Group dropped their price target on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a research report on Tuesday. Seaport Res Ptn downgraded shares of Plug Power from a "hold" rating to a "strong sell" rating in a research report on Monday, January 27th. Finally, Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Five equities research 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's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Stock Performance

The company has a 50-day moving average price of $1.11 and a two-hundred day moving average price of $1.76. The company has a market capitalization of $899.34 million, a PE ratio of -0.39 and a beta of 2.19. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly 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 company had revenue of $133.67 million for the quarter, compared to the consensus estimate of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Analysts predict that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after acquiring an additional 3,930,342 shares during the last quarter. Norges Bank bought a new stake in shares of Plug Power during the 4th quarter worth $146,465,000. Heights Capital Management Inc. bought a new position in Plug Power in the first quarter valued at $31,174,000. Geode Capital Management LLC raised its position in Plug Power by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock valued at $42,434,000 after purchasing an additional 722,639 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Plug Power by 8.5% during the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock worth $21,602,000 after purchasing an additional 796,774 shares during the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.