Key Points
- Insider sale: Benjamin Haycraft sold 9,375 Plug Power shares for $13,218.75 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 9.26% to 91,874 shares.
- Weak stock performance and profitability: PLUG opened at $1.37, near its 52-week low of $1.35, while reporting a $0.07 quarterly loss per share and a deeply negative 220.59% net margin.
- Analyst outlook remains mixed: Plug Power has an average “Hold” rating and a consensus price target of $3.40, despite several buy ratings and increased institutional ownership, which stands at 43.48%.
Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) insider Benjamin Haycraft sold 9,375 shares of the business's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $1.41, for a total value of $13,218.75. Following the completion of the transaction, the insider owned 91,874 shares of the company's stock, valued at $129,542.34. This trade represents a 9.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Benjamin Haycraft also recently made the following trade(s):
- On Friday, September 18th, Benjamin Haycraft sold 200,000 shares of Plug Power stock. The stock was sold at an average price of $2.14, for a total value of $428,000.00.
- On Tuesday, September 15th, Benjamin Haycraft sold 18,750 shares of Plug Power stock. The stock was sold at an average price of $2.06, for a total value of $38,625.00.
- On Friday, September 11th, Benjamin Haycraft sold 13,810 shares of Plug Power stock. The shares were sold at an average price of $2.14, for a total value of $29,553.40.
Plug Power Stock Performance
Plug Power stock opened at $1.37 on Tuesday. The firm has a market capitalization of $1.91 billion, a P/E ratio of -1.09 and a beta of 2.28. The stock has a fifty day moving average price of $2.01 and a 200 day moving average price of $2.56. Plug Power, Inc. has a 52 week low of $1.35 and a 52 week high of $4.33. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29.
Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.01. The firm had revenue of $178.30 million for the quarter, compared to analyst estimates of $169.11 million. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%. The firm's revenue was up 2.5% on a year-over-year basis. Equities research analysts anticipate that Plug Power, Inc. will post -0.25 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker's stock valued at $498,728,000 after acquiring an additional 31,939,194 shares during the period. Handelsbanken Fonder AB raised its stake in Plug Power by 446.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker's stock valued at $51,529,000 after acquiring an additional 15,537,320 shares in the last quarter. Renaissance Technologies LLC boosted its position in Plug Power by 97.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker's stock worth $62,689,000 after acquiring an additional 13,685,900 shares during the period. Dimensional Fund Advisors LP boosted its position in Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker's stock worth $40,971,000 after acquiring an additional 12,820,616 shares during the period. Finally, State Street Corp grew its stake in shares of Plug Power by 6.1% in the second quarter. State Street Corp now owns 38,763,529 shares of the electronics maker's stock worth $105,049,000 after purchasing an additional 2,214,427 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
PLUG has been the topic of several recent research reports. Jefferies Financial Group upgraded shares of Plug Power to a "hold" rating in a report on Thursday, September 3rd. Roth Capital restated a "buy" rating and issued a $5.00 price target (up from $3.50) on shares of Plug Power in a research note on Wednesday, August 12th. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Plug Power in a report on Tuesday, September 29th. Weiss Ratings cut shares of Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 28th. Finally, Craig Hallum reiterated a "buy" rating on shares of Plug Power in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Plug Power currently has an average rating of "Hold" and a consensus target price of $3.40.
Check Out Our Latest Analysis on Plug Power
Plug Power Company Profile
(
Get Free Report)
Plug Power Inc is a clean-energy technology company that develops and supplies hydrogen and fuel-cell solutions. Its products include fuel-cell systems and engines for material-handling equipment, backup and stationary power, and other commercial and industrial applications. The company also provides electrolyzers for producing hydrogen, along with hydrogen generation, liquefaction, storage, and delivery services.
Plug Power serves customers in material handling, transportation, power generation, and industrial markets.
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