Plug Power Sees Unusually Large Options Volume (NASDAQ:PLUG)

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) was the recipient of some unusual options trading activity on Friday. Traders bought 135,178 call options on the company. This represents an increase of approximately 192% compared to the typical daily volume of 46,267 call options.

Insider Activity at Plug Power

In other news, insider Paul B. Middleton purchased 650,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were purchased at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the acquisition, the insider directly owned 2,558,064 shares in the company, valued at $2,634,805.92. This represents a 34.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.41% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. O ROURKE & COMPANY Inc purchased a new position in Plug Power in the second quarter worth approximately $30,000. Lazari Capital Management Inc. lifted its stake in Plug Power by 49.2% in the second quarter. Lazari Capital Management Inc. now owns 36,798 shares of the electronics maker's stock worth $55,000 after acquiring an additional 12,141 shares during the last quarter. MinichMacGregor Wealth Management LLC lifted its stake in Plug Power by 334.9% in the second quarter. MinichMacGregor Wealth Management LLC now owns 55,243 shares of the electronics maker's stock worth $82,000 after acquiring an additional 42,540 shares during the last quarter. CX Institutional lifted its position in shares of Plug Power by 2,039.8% during the 2nd quarter. CX Institutional now owns 41,961 shares of the electronics maker's stock worth $63,000 after buying an additional 40,000 shares during the last quarter. Finally, Brave Asset Management Inc. lifted its position in shares of Plug Power by 603.8% during the 2nd quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker's stock worth $209,000 after buying an additional 120,450 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company's stock.

Plug Power Price Performance

Shares of NASDAQ PLUG traded up $0.08 during mid-day trading on Friday, reaching $1.73. The company's stock had a trading volume of 65,336,126 shares, compared to its average volume of 71,570,298. Plug Power has a 1-year low of $0.69 and a 1-year high of $3.32. The stock has a market capitalization of $1.98 billion, a P/E ratio of -0.70 and a beta of 2.29. The stock has a 50-day moving average of $1.14 and a two-hundred day moving average of $1.46. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95.

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 analysts' consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The company had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. On average, equities research analysts anticipate that Plug Power will post -1.21 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PLUG shares. Roth Capital restated a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Canaccord Genuity Group lowered their price objective on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research report on Tuesday, May 13th. Piper Sandler lowered their price objective 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. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Finally, Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research report on Tuesday. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $1.83.

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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