onurdongel/iStock via Getty Images
Plug Power (NASDAQ:PLUG) +2.6% in Monday’s trading as CFO Paul Middleton disclosed purchasing 350K of the company’s common shares on May 16 at an average price of $0.7154/share for a total of ~$250K, which he said underscores his “belief in the company’s financial strength and growth potential.”
The announcement follows Plug’s (NASDAQ:PLUG) Q1 2025 earnings results, which included a larger than expected Q1 loss and an 11% Y/Y increase in revenues to $133.7M, and the company expanded hydrogen production capacity to 40 tons/day across three operational plants and secured meaningful growth in its electrolyzer and fuel cell businesses.
Plug (PLUG) shares plunged 22% during the May 12-15 period after the results and a negative review by Morgan Stanley, which maintained its Underweight rating but slashed its price target to $0.50 from $1.25 while noting the company’s need for $100M-$200M in additional funding before the first Department of Energy loan drawdown.
On Friday, Clear Street analysts called a new clean energy tax credit proposal from House Republicans a “negative” for Plug (PLUG) if the final version eliminates the 45V production tax credit for clean hydrogen facilities beginning construction after this year.
Clear Street added that Plug (PLUG) needs to “generate electrolyzers growth from international orders,” cut costs, and demonstrate improved gross margins to recover.