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

Plug Power Inc. (NASDAQ:PLUG) Director George C. Mcnamee sold 10,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the sale, the director now directly owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Plug Power Stock Performance

NASDAQ:PLUG opened at $3.44 on Thursday. The business has a 50 day moving average of $3.03 and a 200 day moving average of $3.77. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -1.42 and a beta of 1.64. Plug Power Inc. has a 1-year low of $2.25 and a 1-year high of $13.44. 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:PLUG) last announced its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The company had revenue of $222.20 million during the quarter, compared to analysts’ expectations of $234.21 million. During the same period last year, the firm earned ($0.38) earnings per share. Plug Power’s revenue for the quarter was up .7% on a year-over-year basis. On average, sell-side analysts predict that Plug Power Inc. will post -1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the business. Millburn Ridgefield Corp purchased a new position in shares of Plug Power during the third quarter valued at approximately $29,000. Mosley Wealth Management bought a new stake in shares of Plug Power during the first quarter valued at approximately $35,000. J.W. Cole Advisors Inc. bought a new stake in shares of Plug Power during the first quarter valued at approximately $36,000. HBK Sorce Advisory LLC bought a new stake in shares of Plug Power during the first quarter valued at approximately $37,000. Finally, FAS Wealth Partners Inc. bought a new stake in shares of Plug Power during the fourth quarter valued at approximately $45,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on PLUG. Roth Capital upgraded Plug Power from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. HSBC cut their target price on Plug Power from $9.00 to $8.50 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Canaccord Genuity Group lowered their price target on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Monday. Morgan Stanley decreased their target price on Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Friday, May 10th. Finally, Marathon Capitl reaffirmed an “equal weight” rating on shares of Plug Power in a research report on Tuesday, March 26th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.49.

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.