Insider Selling: Plug Power Inc. (NASDAQ:PLUG) Director Sells 10,000 Shares of Stock

Plug Power Inc. (NASDAQ:PLUGGet Free Report) Director George C. Mcnamee sold 10,000 shares of Plug Power stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $2.37, for a total transaction of $23,700.00. Following the sale, the director now directly owns 683,444 shares of the company’s stock, valued at approximately $1,619,762.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Plug Power Stock Down 6.9 %

Plug Power stock opened at $2.16 on Monday. The firm has a market capitalization of $1.60 billion, a PE ratio of -0.90 and a beta of 1.81. The company’s 50-day moving average is $2.73 and its 200-day moving average is $3.12. Plug Power Inc. has a fifty-two week low of $2.14 and a fifty-two week high of $11.97. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87.

Plug Power (NASDAQ:PLUGGet Free Report) last released its quarterly earnings data on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.11). The firm had revenue of $120.26 million for the quarter, compared to analyst estimates of $162.92 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. Sell-side analysts anticipate that Plug Power Inc. will post -1.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Foundations Investment Advisors LLC grew its stake in Plug Power by 94.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 365,143 shares of the electronics maker’s stock valued at $851,000 after buying an additional 176,898 shares during the last quarter. Rhumbline Advisers grew its stake in Plug Power by 97.2% in the 2nd quarter. Rhumbline Advisers now owns 1,296,047 shares of the electronics maker’s stock valued at $3,020,000 after buying an additional 638,761 shares during the last quarter. Aire Advisors LLC acquired a new position in Plug Power in the 2nd quarter valued at about $28,000. Van ECK Associates Corp grew its stake in Plug Power by 37.0% in the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock valued at $7,975,000 after buying an additional 923,579 shares during the last quarter. Finally, Banque Cantonale Vaudoise grew its stake in Plug Power by 9.2% in the 2nd quarter. Banque Cantonale Vaudoise now owns 166,799 shares of the electronics maker’s stock valued at $389,000 after buying an additional 14,020 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Wall Street Analysts Forecast Growth

PLUG has been the topic of a number of recent analyst reports. Susquehanna reduced their price target on shares of Plug Power from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Piper Sandler reduced their price target on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Canaccord Genuity Group reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Monday, May 13th. B. Riley raised shares of Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Tuesday, May 14th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $5.48.

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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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